Michael Saylor’s bitcoin stack is officially underwater, but here’s why he likely won't reach for the panic button

Bitcoin's dip to around 75,500brieflypushedthepricejustbelowStrategys(MSTR)averagepurchasecostofroughly75,500 briefly pushed the price just below Strategy’s (MSTR) average purchase cost of roughly 76,037 per coin. That may sound alarming at first glance, and it technically puts Michael Saylor's firm underwater on its bitcoin holdings, but it doesn’t fundamentally change the company’s financial position. There is no balance sheet stress and no forced selling risk. What it does is slow down its future bitcoin buying. Strategy currently holds 712,647 bitcoin — all of it unencumbere ...