MicroStrategy(US:MSTR) Zhi Tong Cai Jing·2026-02-02 06:51Group 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]