Bitcoin's brief dip below $76,000 this week caused a 7% drop in Strategy's stock price. The situation revealed a structural fact that the markets can no longer ignore: the company's total position of 713,502 BTC is now exactly at its acquisition cost.
This fact turns the former corporate cash risk into a benchmark that defines the markets.
When the whole changes to a structure
Strategy, formerly MicroStrategy, has accumulated about 3.57% of the total Bitcoin supply. With this concentration, the company has evolved from being a major holder to part of the market structure itself.
"Saylor is not just bullish – he is the market," noted CryptoQuant analyst Maartunn in his detailed review of Strategy's position. "This is no longer about passive ownership. It's about market structure."
The numbers support this change. On February 1, Strategy owned 713,502 BTCs, acquired for a total of about $54.26 billion. The average price was $76,052 per coin. When Bitcoin traded at $74,500 on Monday, the lowest since April, the company's entire position briefly dipped into the red.
The price has since returned to around $78,800, but the event showed how the $76,000 level has become a mechanical reference point. According to Maartunn's analysis, about 61% of the Bitcoins in circulation are now above the market price and 39% below. Strategy's massive position hits this balance line precisely.
Continuous buying pressure
Despite the volatility, Strategy reported a new purchase: 855 BTCs at an average price of $87,974. This shows a continued commitment to the Bitcoin cash strategy but also brings additional structural pressure.
The latest purchase raises Strategy's Bitcoin position margin cost and increases the need for capital. More significantly, the purchases were made at about 7% higher than the current market price, meaning these new coins are already at a loss.
"Buying 855 BTC at $87,974 raises the margin cost, increases capital dependency, and grows the position size – directly at a -7% loss," Maartunn noted. "Saylor now has more BTC acquired above the market price than below. This makes dips more painful."
Different leverage
Strategy's position is leveraged – but not in the typical way of crypto trades. The company's Bitcoin purchases have been funded through equity offerings, convertible bonds, and other capital market instruments.
SEC disclosures reveal the amount of available funding: STRK preferred stock has a remaining issuance capacity of $20.33 billion, STRF has $1.62 billion, STRC has $3.62 billion, STRD has $4.01 billion, and common stock has $8.06 billion.
This dependency on capital markets creates a potential vicious cycle. If the price of Bitcoin falls, Strategy's stock price weakens. A weaker stock price limits the company's ability to raise capital through equity offerings. Reduced financing opportunities weaken purchasing power, which removes significant demand support from the markets.
"Saylor has not leveraged himself like a trader, but the balance sheet still adds risk," Maartunn explained. "If BTC wobbles, MSTR's stock drops, or the demand in financial markets fades – the cycle turns."
What the markets are really testing
The situation calls for comparisons to previous structural vulnerabilities in the crypto markets – not because a collapse of Strategy is imminent, but because its position has grown so large that it affects market behavior.
"We have seen such a structure before," Maartunn noted, referring to Terra and FTX. "Not because they were bad, but because too much depended on them. Saylor is not yet at that level. But with 3.57% of the total supply, massive publicity, a price at its own acquisition cost, and defending the structure requires continuous purchases – the setup is clear."
Lochain metrics reinforce a cautious outlook. Realized market value remains stagnant, and no significant new investments are seen. The Spent Output Profit Ratio (SOPR) stays below one, indicating that short-term holders are selling at a loss. Without improvement in spot market volumes and ETF flows, any potential price recovery is likely to be without structural support.
"A price near your average does not mean safety. It means vigilance," Maartunn concluded. "Markets do not test stories. They do not test beliefs. They test size, concentration, capital structure, and how much price movement depends on continuous participation."
Currently, the market appears to be settling into a range consolidation – rather than a sudden drop – unless the cycle between Bitcoin's price, Strategy's stock price, and capital availability turns negative.