Bitcoin just slipped below $80K for the first time since April 2025, pushing the drawdown past 30% from the peak. BTC$BTC now trades near ~$78.7K - and that move has put Strategy’s average buy price (~$76K) back in focus.
Here’s the part many are missing. Yes, Strategy is technically underwater on paper - but there’s no forced selling risk. Its 712,647 BTC are unencumbered, never used as collateral. Even the $8.2B in convertible debt doesn’t bite until 2027, leaving room to refinance, extend, or convert.
The real pressure point isn’t solvency - it’s demand. On-chain data shows fading capital inflows, and CryptoQuant notes a flat Realized Cap, which historically rules out a bull phase. That’s what’s weighing on price, not balance sheet stress.
Michael Saylor has been here before. In 2022, Strategy kept buying while shares traded below BTC$BTC value - and he’s repeatedly said deep drawdowns aren’t liquidation events, they’re accumulation windows. The takeaway: this move hurts sentiment, not Strategy’s survivability.