Bitcoin treasuries report zero forced liquidations during 54% drop

Bitcoin lost more than half its value between October 2025 and mid-2026. The corporate treasuries that had stacked hundreds of thousands of coins didn't blink.

During a 54% drawdown that dragged Bitcoin from its all-time high above $126,000 down to lows around $57,800 to $60,000, not one major Bitcoin treasury firm was forced to liquidate its holdings.

Strategy, the company formerly known as MicroStrategy that essentially pioneered the corporate Bitcoin treasury playbook, offers the clearest case study. The firm holds hundreds of thousands of BTC on its balance sheet. Even with Bitcoin trading at less than half its peak, Strategy's CEO stated that the company's effective liquidation price sits at zero.

That sounds like bravado until you look at the math. Strategy reportedly maintains cash reserves of roughly $6.7 billion, nearly identical to its convertible debt obligations of approximately $6.75 billion. In other words, the company could theoretically pay off every dollar it owes without touching a single satoshi.

The broader cohort of large treasury holders followed a similar pattern. While some firms faced collateral maintenance calls during the early months of 2026, the major players navigated those pressures without triggering margin-driven liquidations. The distinction matters: collateral calls are uncomfortable conversations with lenders, but they're not the same as having your position unwound against your will at the worst possible price.