On February 3rd, it was reported that Bitcoin briefly fell below $76,000 this week, causing Strategy’s stock price to drop 7% in a single day. More notably, the 713,502 Bitcoins held by the company are nearly at their average cost basis, approximately $76,052. This means that Strategy’s holdings have shifted from a simple corporate financial allocation to an important reference point influencing market sentiment and price expectations.
Currently, Strategy controls about 3.57% of the total Bitcoin supply. CryptoQuant analyst Maartunn pointed out that this scale has transformed it from a “bullish” observer to a “structural” factor itself. On-chain data shows that approximately 61% of circulating Bitcoins are above the current price, while 39% are below, and Strategy’s massive position straddles this balance zone.
Despite price pressures, Strategy has bought an additional 855 Bitcoins at an average price of $87,974, pushing the marginal cost higher. These new assets were already at a paper loss when purchased, further increasing the company’s sensitivity to capital and market conditions.
Unlike traditional trading leverage, Strategy’s risk stems from its balance sheet. Its Bitcoin purchase funds mainly come from equity issuance, convertible bonds, and other capital instruments. SEC filings show that the company still has hundreds of billions of dollars in potential financing capacity, but this model could also create a feedback loop: Bitcoin declines → stock prices weaken → financing ability diminishes → buying power is limited, thereby weakening market support.
On-chain indicators also signal caution. Realized market value has stagnated, and SOPR remains below 1, indicating short-term holders are still in loss and exiting. If spot trading volume and institutional capital momentum cannot recover, a rebound may be difficult to sustain.
In the current structure, $76,000 is no longer just a price level but more like a psychological and mechanical anchor for the market. Future trends will depend on the delicate balance between Bitcoin’s price, Strategy’s stock price, and access to capital markets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Grayscale Research Head: Bitcoin Rally Above $76K Could Signal Start of Bull Market Phase One
Grayscale research head Zach Pandl analyzes Bitcoin's rebound from a February low, using the realized price metric to show recent buyers at breakeven and hint at an early bull phase, with a reported bottom around $65k-$70k.
Grayscale’s Pandl: Bitcoin hit ~63k in Feb, rose to ~76k; realized price ~74k shows recent buyers breakeven, hinting at early bull phase and a bottom around 65-70k.
GateNews1h ago
Scammers Impersonating Iranian Officials Demand Bitcoin and USDT from Ships in Strait of Hormuz
Gate News message, April 21 — Scammers posing as Iranian officials are demanding Bitcoin (BTC) and Tether (USDT) as transit fees from ships in the Strait of Hormuz, according to a warning from MARISKS, a Greece-based maritime risk management firm. The scheme falsely promises "safe transit
GateNews1h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 21
Gate News message, according to the April 21 update, Bitcoin ETFs recorded a 1-day net inflow of 3,599 BTC (approximately $272.59 million) and a 7-day net inflow of 18,914 BTC (approximately $1.43 billion). Ethereum ETFs showed a 1-day net inflow of 34,380 ETH (approximately $79.25 million) and a 7-
GateNews1h ago
Fidelity and Capital Group Become Strive's Two Largest Shareholders
Gate News message, April 21 — Fidelity and Capital Group have become the two largest shareholders of Strive, a Bitcoin treasury company, according to CEO Cole Macro. The two firms collectively hold ASST shares valued at approximately $152.8 million, as confirmed by the company's latest
GateNews1h ago
Charles Schwab to Launch Bitcoin and Ethereum Trading, Releases Educational Content on BTC
Charles Schwab plans to expand into crypto, offering Bitcoin education and direct BTC/ETH trading, allowing customers to buy Bitcoin in accounts; analysts call it a major mainstreaming moment.
Schwab announces an expansion into cryptocurrency with Bitcoin education and direct BTC/ETH trading, enabling clients to hold Bitcoin in their accounts; analysts view this as a turning point toward mainstream adoption.
GateNews2h ago
U.S. Indo-Pacific Commander Highlights Bitcoin's Potential as 'Computer Science Tool'
Gate News message, April 21 — Admiral Samuel Paparo, commander of U.S. Indo-Pacific Command, testified before the Senate that Bitcoin demonstrates significant potential as a computer science tool and holds value as an instrument of power projection. Paparo stated that Bitcoin is a tangible reality w
GateNews2h ago
