MicroStrategy Goes Underwater for First Time Since October 2023.
With BTC trading at $69K while MSTR's cost basis sits at $76K, Saylor's treasury strategy is underwater for the first time in 16 months. During the 2022 bear market, MSTR weathered a drawdown of 50% below cost basis. The current 9% gap is relatively modest, but timing matters more than magnitude. As a result, it's facing its first serious profitability test since October 2023.
Q1 2026 purchase activity will determine whether the strategy continues or pivots.
Written by burakkesmeci