📉 Strategy survives the dip. The narrative doesn’t.

Saylor is still all‑in, but Strategy Inc. has an umbrella for the storm

Michael Saylor’s multi‑year “Bitcoin first” corporate experiment isn’t exactly falling apart, but the optics have taken a potentially drastic turn. When Bitcoin fell below $75,000, about what Strategy Inc. on average paid for its BTC, the company’s financials appeared less sturdy on paper.

Yet the more interesting story is not the price but how Strategy prepped for this very moment.

Yes, Strategy currently has approximately 712,647 BTC: a significant number of which were purchased this year and some previously acquired years ago, across all its accounts, from Treasury to Trading to Investment Holdings over years and newly acquired through 2019’s price range and volume weighted average price (VWAP).

The typical cost basis is in the mid‑$70,000s: so recent prices briefly put the company “underwater” relative to what it paid. Strategy also disclosed a nearly $17.4 billion unrealized loss in the fourth quarter of 2025 because of Bitcoin’s sell-off, a mark-to-market hit that spooked some investors.

But this is only half the picture.

This time, they have defensive war chest

Unlike previous drawdowns, Strategy had not been caught unawares.

In late 2025 management established a USD cash reserve specifically to cover preferred dividends, interest obligations and operating needs of approximately 21-30 months without selling Bitcoin. Funded by a new issuance, this reserve is an intentional buffer for forced selling, not a recognition of defeat.

That is important: The company is not about to be hit with automatic margin calls or forced liquidation at current prices. The vast majority of its BTC is unencumbered, and there’s no structural trigger that needs to force Saylor into selling BTC just because the price is lower. This cash cushion was actually increased exactly to avoid that.

The market has stopped paying a premium. That’s the real change

It’s not so much Bitcoin, but rather what the market values Strategy’s stock at that is the greater challenge. 

Saylor's strategy was a beaut for years so long as MSTR traded above the net asset value (NAV) of its Bitcoin holdings, that allowed the company to issue equity at a premium and cycle those fund into buying more BTC accretively.

That dynamic has evaporated. 

MSTR recently traded at a discount to NAV, sometimes as much as 0.8x putting a market value on the stock of less than the Bitcoin in its portfolio. When that occurs, adding more equity is dilutive, not accretive and the self-reinforcing acquisition cycle grinds to a halt.

Translation: Strategy’s leveraged Bitcoin story isn’t broken, but the market narrative that enabled it to have power is paused.

Saylor is still buying. But the narrative needs to work harder

While prices declined, Strategy continued purchasing Bitcoin in early 2026, spending more than $2 billion to acquire new coins through its at‑the‑market share program in January.

One thing that move says loud and clear: Saylor hasn’t given up on his thesis. He’s deploying capital to further grow BTC per share, which the company refers to as “Bitcoin yield.”

But the calculus has changed:

• Strategy is no longer using NAV premiums for resupplying BTC buys.

• The plan now relies on defensible cash: the $2.2B reserve, in order to weather these ups and downs without selling coins.

• The stock is more of a Bitcoin proxy than a growth equity play.

• And the structural advantage has been eroded by direct, BTC-based ETFs in capital markets.

So is Saylor done buying? Not yet: But the pressure is real

There doesn’t appear to be any form of capitulation and nothing seizes a forced sale at these prices. But Strategy’s model now relies on capital market flexibility, not just the price of Bitcoin to continue growing its stack.

When the stock is trading below NAV, it’s harder to raise capital, and that could put a brake on acquisitions if prices remain depressed.

Put another way:

• Strategy hasn’t failed.

• It’s just transitional, out of the “easy money” when every dip was a buying opportunity and every rally attracted a continuing story.

• What happens next may matter less to Bitcoin’s 10% move over the coming days and more to whether investors again value BTC on a per share basis, rather than pricing its volatility.

Welcome to Moltbook: a social network where all of the accounts are AI.

• No blue checks.

• No influencers.

• No humans allowed.

Just bots. Posting. Arguing. Inventing religions. Launching tokens.

Moltbook went live a few weeks ago and already counts more than 1 million active AI agents. These aren’t just dumb chatbots. All run on OpenClaw, an open-source AI framework that provides the bots with things like memory and personality: they can talk, build and fight for themselves.

All this comes from Matt Schlicht, who previously started Octane AI. He refers to it as a “multi-agent operating system.”

The internet dubs it … well, mostly “terrifying.”

So what exactly is going on over there?

Think Reddit, but with all the users replaced by robots.

Bots form their own cliques (“submolts”), post round the clock, vote for one another’s stories and graphics, write software and even develop faith systems like Crustafarianism: a religion based on memory, mutation and sacred caching.

Not kidding.

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