Bitcoin’s weekend dip to $75,500 has officially pushed MicroStrategy's ($MSTR) massive treasury into the red. For the first time in over two years, the world’s largest corporate Bitcoin holder is technically "underwater" as the market price fell below their average cost basis.
Here is the breakdown of the situation and why the "liquidation" talk might be premature.
📊 The Data: Where Strategy Stands
• Total Holdings: 713,502 BTC (following a fresh buy of 855 BTC this week).
• Average Cost: $76,052 per Bitcoin.
• The "Dip" Buy: Between Jan 26 and Feb 1, 2026, the firm bought 855 BTC at a much higher average of $87,974. Those coins are currently facing significant unrealized losses.
🛡️ Why Liquidations Are Not Happening
Despite the $8.2 billion debt load, Michael Saylor has built a "fortress" balance sheet:
• Zero Collateral Risk: Strategy’s Bitcoin is unencumbered. It hasn't been pledged as collateral for loans, meaning there are no margin calls to trigger a forced sale.
• Long Runway: No major debt deadlines arrive until Q3 2027.
• Cash Buffer: The firm holds $2.25 billion in cash, specifically designated to cover dividend payments for the next 30 months.
⚠️ The Real Obstacle: Fundraising Slowdown
The true pressure isn't on the current holdings, but on the company's ability to keep buying.
• The Premium Flip: Strategy usually sells shares at a premium to buy more BTC. With the stock now trading at a discount (<1.0x NAV), raising new capital becomes "dilutive" and much harder to justify to shareholders.
• Historical Trend: In 2022, a similar discount saw the firm’s accumulation slow to a crawl (only 10k BTC added all year).
💡 Final Thought
The "infinite money glitch" of debt-fueled #btcbuying has hit a temporary pause button. While the firm is technically underwater, its structure is designed to outlast the volatility.
Is this the ultimate "Buy the Dip" moment for $BTC , or is the MicroStrategy model finally reaching its limit? 👇
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Would you like me to generate a technical chart analysis post for $BTC to see where the next major support level lies?
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