According to CoinMeta, Strategy carried out the task assigned by Chairman Michael Saylor to disclose the company's BTC Credit model data. The model assumes an annualized return of 10%, a price of $63,701, and a volatility of 40% for BTC, and identifies credit spreads as investment-grade, high-yield, and distressed levels. The model shows that the Strategy's BTC reserve value is $53.54 billion, with a dollar reserve of $4.65 billion. The corresponding STRC floor price is $16,184; thus, when the BTC price falls below this level, there will be insufficient collateral. The BTC risk is 8.84%, and the credit spread is 115 basis points. The total nominal amount of the company's debt and preferred stock is $21.952 billion, with an overall BTC floor price of $20,587.