MicroStrategy (MSTR) shares tanked in the second half of January, reinforcing investor skepticism in the company’s ability to remain an outperformer over the long-term. The recent selloff has pushed MSTR market capitalization below its net asset value (NAV) again, meaning its stock is now trading at a discount to the market value of its massive Bitcoin (BTCUSD) holdings. At the time of writing, MicroStrategy stock is down an alarming 68% versus its 52-week high. More News from Barchart www.barchart.com ...

Michael Saylor, chairman of MicroStrategy, speaks at the Bitcoin 2024 conference in Nashville, Tennessee, on July 26, 2024.Strategy plunged 8% on Monday after bitcoin dipped below the cryptocurrency treasury company's average purchase price per token.  Bitcoin traded at about $74,500 at its bottom on Monday – its lowest price since last April.That's slightly below Strategy's average purchase price of $76,052 per bitcoin, according to its regulatory filing dated Feb. 2, raising concerns that the Michael Sayl ...

Group 1 - The core point of the article highlights the significant decline in the stock price of Strategy (MSTR.US), which dropped over 8% pre-market and is down nearly 70% from its historical peak, currently trading at $137.30 [1] - Bitcoin experienced a sharp decline, reaching a 10-month low of $74,604 before recovering slightly to $77,800, putting pressure on Strategy's substantial cryptocurrency asset reserves [1] - Since the beginning of 2023, Bitcoin's price has fallen below the average holding cost of Strategy, which is $76,037, a level that has been considered a psychological support for the market [1]

Bitcoin treasury firm Strategy (NASDAQ: MSTR) acquired 855 bitcoin for roughly $75.3 million between January 26 and February 1, bringing its total treasury to 713,502 BTC. Filings indicate the total investment in bitcoin now stands at $54.26 billion. The aggregate purchase price across the entire portfolio averages $76,052 per bitcoin. The #1 podcast for emerging tech stocks, Bitcoin, and weekly news analysis. Subscribe to the Blockspace Podcast here, on Apple, Spotify, or anywhere you listen to podcasts ...

Bloomberg, Strategy Bitcoin’s latest plunge is putting the world’s largest corporate crypto treasury under renewed pressure. For the first time since 2023, the token’s price has fallen below the average purchase cost of Michael Saylor’s leveraged Bitcoin proxy Strategy Inc. It’s a milestone that lands less with panic than with fatigue — a signal that the once-hyped model of perpetual Bitcoin accumulation through equity issuance is now colliding with an ever-more skeptical market. Most Read from Bloombe ...

Strategy (MSTR) continued its weekly bitcoin purchases, though last week’s acquisition was relatively small. Led by executive chairman Michael Saylor, the company purchased 855 bitcoin for $75.3 million, or an average price of $87,974 each. The purchases were funded via the sale of common stock, according to a Monday morning filing. The buys were relatively small for the company, which has routinely (but not always) acquired hundreds of millions, or even billions, of bitcoin each week over the past seve ...

Group 1 - The recent Bitcoin price crash has resulted in significant unrealized losses for Strategy, the largest corporate Bitcoin treasury holder, amounting to over $1 billion as BTC fell below $75,000 [1][2] - Strategy's average Bitcoin purchase price is $76,037, and the price briefly dropped to $74,500, leading to concerns among investors about potential volatility and liquidation risks [2] - Despite the losses, Bitcoin is currently trading around $76,711, which has placed the company's holdings back in positive territory [2] Group 2 - Other market participants view the Bitcoin price correction as a buying opportunity, with Binance allocating $1 billion of its users' funds to Bitcoin [3] - Spot Bitcoin ETFs have experienced heavy outflows, with the second- and third-largest weekly outflows recorded in late January, totaling $2.8 billion over two weeks [4][5] - The assets under management for U.S. spot Bitcoin ETFs have decreased by 31.5% from their October peak of $165 billion, coinciding with a 40% decline in the spot BTC price [5]

Strategy的核心操作逻辑十分简单：以高于其比特币持仓价值的价格发行股票融资，再用所得现金购入更多比特币。这一资本 市场操作手法，本质上是通过股市套利实现加密货币资产增持，也让该公司在上一轮加密货币牛市中成为投机投资者的心头 好。但这一红利期已然落幕。 尽管Strategy目前仍持有超71.2万枚比特币，但其持仓市值持续缩水，与此同时，比特币的整体宏观叙事也不断降温。比特币 曾被标榜为对冲通胀和法币贬值的工具，然而近期，面对地缘政治冲击、美元走弱甚至监管政策利好等传统利好催化剂，其价 格均未出现明显反应。取而代之的是，市场的注意力和资金纷纷转向交易节奏更快的投机品种，从人工智能(AI)概念股到波动 剧烈的黄金、白银均在此列。 市场情绪的转向，让Strategy的处境愈发被动。股票溢价优势消失后，发行新股不仅会造成股权稀释，也无法为公司带来新的 战略优势。与此同时，比特币价格在盈亏平衡线附近徘徊，这一位置也早已失去原本的心理支撑作用。 比特币近期的暴跌，正让全球规模最大的企业加密货币资产储备再度承压。自2023年以来，比特币价格首次跌破Michael Saylor旗下 加杠杆比特币代理机构Strategy ...

Group 1 - The recent drop in Bitcoin prices has put pressure on Strategy Inc.'s cryptocurrency asset reserves, with Bitcoin prices falling below the average holding cost of $76,037, a key psychological support level for the market [1][3] - Strategy Inc. has seen its stock price decline nearly 70% from historical highs, losing its stock premium advantage, and facing increasing pressure from a tightening capital market [1][3] - The company currently does not face an immediate financial crisis, with no margin calls expected and a cash buffer of $2.25 billion built through stock issuance [1] Group 2 - Strategy's operational logic involves issuing stock at prices above its Bitcoin holdings to finance further Bitcoin purchases, a strategy that has become less favorable as the cryptocurrency market has cooled [3] - Despite holding over 712,000 Bitcoins, the market narrative around Bitcoin has weakened, with traditional catalysts failing to drive prices up, leading to a shift in investor focus towards faster-moving speculative assets [3] - The disappearance of stock premium means that issuing new shares could dilute equity without providing strategic advantages, while Bitcoin prices hover around the breakeven point, losing their psychological support [3] Group 3 - The market anticipates further declines in Strategy's stock price, as its market capitalization is now nearly equal to the value of its Bitcoin holdings, making any fluctuations in Bitcoin prices significantly impactful on the perception of Saylor's investment strategy [6]

比特币正在经历一场针对机构持仓的严峻压力测试，随着价格跌破关键心理关口，逼近MicroStrategy等主要机构持有者的成本线，市场对于高杠 杆持有者的流动性担忧迅速升温。 周末，比特币一举跌破8万美元整数关口，创下2025年4月7日以来的最低水平。这一轮抛售发生在大盘流动性明显不足的背景下，进一步加剧了比 特币近期超过30%的累计跌幅。 尽管市场情绪低迷，MicroStrategy执行主席Michael Saylor周日仍通过社交媒体平台X发布带有"More Orange"字样的图片，暗示将继续增持。该 公司宣布将其A系列永久延期优先股（STRC）的股息提高25个基点至11.25%，意在以高昂的融资成本吸引资本以维持其比特币购买策略。然而， 分析指出，若币价持续停滞或跌破其成本线，高额的股息支出可能引发严重的现金流挤压。 Bianco研究宏观策略师Jim Bianco分析指出，比特币市场正面临叙事枯竭的危机。当前市场结构呈现高度机构化特征，ETF投资者与 MicroStrategy合计控制了约10%的流通量，且目前整体处于浮亏状态。这表明曾经作为市场支撑的"机构进场"叙事，在高位被套后可能反转为巨 大的抛压 ...