No Forced Liquidations Among Major Bitcoin-Holding Companies Despite 54% Drop

Bitcoin (BTC) has dropped 54% from its peak, yet there have been no forced liquidations among major Bitcoin-holding companies. However, it is difficult to generalize financial soundness solely based on the absence of forced liquidations, as the cash and debt structures vary by company. According to CryptoBriefing, during the decline of Bitcoin from approximately $126,000 in October 2025 to between $57,800 and $60,000 in mid-2026, major Bitcoin financial companies did not liquidate their holdings due to margin shortfalls. Forced liquidation occurs when creditors or exchanges dispose of assets regardless of the holder's intentions. Strategy (MSTR) reported holding approximately 846,000 Bitcoins as of June 30, 2026, and disclosed selling 1,395 Bitcoins in the same quarter to the SEC. The Bitcoin price on June 30, 2026, was $58,714, classifying the sale as voluntary. Strategy presented a principal amount of $6.7 billion in convertible bonds, a nominal amount of $15.5 billion in preferred stock, and $871 million in dollar reserves as of May 25, 2026. Bitcoin financial companies typically hold physical assets and finance themselves, and it is essential to distinguish between liquidations in the derivatives market and forced sales of Bitcoin held by companies. The combined market capitalization of the top 50 Bitcoin financial companies decreased from approximately $150 billion in mid-2025 to about $67 billion by the end of August 2026. The risks for holding companies depend on various factors beyond Bitcoin prices, including cash assets, debt maturities, and collateral arrangements.

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