At $76K, Strategy’s Average Cost Meets Bitcoin’s Current Price
Strategy's massive Bitcoin holdings, averaging $76,052, are now precisely at the market price, turning the company into a key market structure point.Summary
Strategy (formerly MicroStrategy), holding 713,502 BTC, which represents about 3.57% of the total supply, has reached a critical juncture where its average cost basis of $76,052 matches Bitcoin's current price after a recent dip.
This concentration means Strategy is now part of the market structure, according to CryptoQuant analyst Maartunn. Despite this, the company continues buying, recently acquiring 855 BTC at $87,974, which raises the marginal cost and means a larger portion of their holdings are now underwater, increasing sensitivity to price dips.
Strategy's leverage comes from its reliance on capital markets (equity issuance, bonds) to fund purchases. A drop in Bitcoin prices weakens Strategy's stock, hindering its ability to raise capital, which in turn removes demand support from the market, creating a potential negative feedback loop. Analysts suggest the market is currently testing this concentration and funding structure, rather than just belief.
(Source：BeInCrypto)