And they're surely not the only ones. Michael Saylor at MicroStrategy insists he won't have any forced sales all the way down to $3,500 but it seems hard to believe.
Micheal Saylor and MicroStrategy have 129,000 bitcoin. They take a margin load of 205,000,000. If they put all of the bitcoin up for collateral they would have until around a bitcoin price of $1,600. It doesn't seem hard to believe at all.
It seems highly unlikely that Silvergate would be willing to accept 129,000 BTC as repayment for the 205M USD loan that Microstrategy took out. There's not enough liquidity on the order book for Silvergate to liquidate that entire position to get back USD (this is looking at current liquidity, which would suffer even further if BTC fell more). Thus it seems much more likely that the actual price where liquidation would happen is much higher, since Silvergate needs repayment in USD, not BTC.
Like around 3500 which is the rumored liquidation price? 1600 is if there was perfect liquidity and MicroStrategy could get current asking price for each coin.
They have far more than $205 million in debt. They borrowed far more than that to acquire 129,000 BTC.
They made a 205 million margin call with Bitcoin as collateral [0]. Their other debt has some other collateral presumably not backed by Bitcoin.