Bitcoin briefly dipped below the average cost basis of MicroStrategy (now Strategy), the largest corporate Bitcoin holder, early Wednesday morning. According to OKX data, the spot price hit a low of $75,678, with some exchange contracts near $75,000. This marks the first time since October 2023 that Bitcoin has fallen below the firm's average acquisition price.
As of January 25, 2026, MicroStrategy held 712,647 Bitcoin acquired at a total cost of approximately $54.18 billion, resulting in an average price of $76,037 per coin. The sudden drop erased the company's paper profit on its Bitcoin holdings, raising concerns about its ability to fund future purchases through equity offerings.
Stock Plunge Threatens Financing Capacity
Despite adding over 26,000 BTC in three separate purchases this January, MicroStrategy now faces significant headwinds. Its stock has fallen more than 60% over the past six months. Analysts warn that as the stock price declines relative to net asset value, the company's ability to raise capital via at-the-market (ATM) offerings becomes more challenging, potentially curbing Michael Saylor's aggressive buying strategy. Margin calls remain unlikely, but liquidity pressure is mounting.
Is $76,000 the Bottom for Bitcoin?
The market is now testing MicroStrategy's cost level as a potential support zone. With leveraged speculators being flushed out, selling pressure may be exhausting. Whether institutional or whale buyers step in to bid at these levels remains uncertain. In a volatile environment, maintaining cash reserves and risk discipline remains key for survival.