Michael Saylor’s High-Stakes Bitcoin Bet Faces Fresh Strain (3)

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.

The company’s cost basis, currently at $76,052, has long been held up as a psychological floor. It gave way as Bitcoin dropped below $76,000 on Saturday ...