Overview
- Strategy holds about 713,502 BTC at an average purchase price near $76,052, positioning its cost basis at the center of current market focus.
- Michael Saylor disclosed a buy of 855 BTC at roughly $87,974, nudging the firm’s marginal cost higher and leaving new coins under water at present prices.
- Realized Cap growth has stalled and SOPR often sits below 1.0, signaling rotation among existing holders rather than fresh, durable inflows.
- The accumulation relies on equity issuance and convertible debt, so a tougher funding backdrop could curtail a major source of structural demand.
- Bitcoin has slipped into the high‑$70,000s, putting the $76,000 zone in play as analysts frame it as a structural test rather than assured support.