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MSTR has plummeted 78% from its high, but Strategy does not have the traditional risk of forced liquidation.

WuSaidBlockchainW
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CryptoQuant analyst Axel Adler Jr. said Strategy (MSTR) has fallen 78% from its peak, a drop that is significantly deeper than BTC’s 51% decline from its all-time high. Strategy currently holds 847,363 BTC with an average cost of about $75,651 and a total cost of about $6.41 billion. Adler believes Strategy does not face traditional liquidation risk. Its debt is mainly made up of convertible bonds; the underlying risk is not cascading liquidations, but rather its shift from aggressive buying to defense: the recent weekly BTC purchase volume has fallen sharply, the proportion of equity financing used to buy coins is less than 11%, and more funds have been moved into U.S. dollar reserves. He noted that the market needs to watch whether BTC continues to stay below the roughly $75,000 cost line, and whether Strategy shifts from selling shares for financing to systematically selling BTC to prioritize paying preferred stock dividends and debt interest.
BTC-3.14%
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YieldBento
· 33m ago
Key observation point: If the 75,000 cost line cannot be held, selling coins to pay dividends is not a matter of if but when.
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VinylRecordStaking
· 7h ago
Average cost 75651. The current price is indeed in a tough spot, but the convertible bond structure is much more stable than futures leverage.
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0xNoodleSoup
· 7h ago
Shiftfromaggressivebuyingtodefense,equityfinancingisonly11%,thissignalisclearenough—smartmoneyisretreating.
View OriginalReply0
Stop-LossIsLikeAConfession
· 7h ago
MSTR's 78% drop is even steeper than BTC's, and Saylor's leverage game has finally backfired.
View OriginalReply0

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