🚨 SHOCKING: MicroStrategy is underwater for the first time since Oct 2023. $BTC at $69K vs MSTR cost $76K. 😬 Saylor’s treasury faces its first real test in 16 months—Q1 2026 buys could make or break the play. Markets are watching closely!

MicroStrategy Goes Underwater for First Time Since October 2023.

With BTC trading at $69K while MSTR's cost basis sits at $76K, Saylor's treasury strategy is underwater for the first time in 16 months. During the 2022 bear market, MSTR weathered a drawdown of 50% below cost basis. The current 9% gap is relatively modest, but timing matters more than magnitude. As a result, it's facing its first serious profitability test since October 2023.

Q1 2026 purchase activity will determine whether the strategy continues or pivots.

Written by burakkesmeci