…Basically, at $8,000 per coin, their $717,000 Bitcoin would be worth about $5.7 billion, which is roughly equal to their net debt after you account for their cash reserves. So, strategy isn't going to get a margin call tomorrow, but that doesn't mean that they are out of the woods. The real danger lies in the calendar. The first major hurdle comes in September 2027. That is when holders of over $1 billion in convertible notes can demand cash repayment if the stock price isn't performing. If Bitcoin is languishing in a bare market at that time, Strategy can't just print more shares to pay them off without diluting shareholders into oblivion. They would need cash. And to get cash, they might need to sell some Bitcoin. And remember, Strategy has obligations. They have roughly $888 million a year in interest and dividend payments to service. Sure, they have $2.25 $.25 billion cash reserves right now, which buys them about 2 and 1/2 years of runway. But if we enter into a prolonged crypto winter, that runway starts to look a lot shorter. There is a caveat here tho…