CHART: Bitcoin crashes toward Strategy (MSTR) cost basis
As bitcoin’s (BTC) price has fallen since Donald Trump took office, it is converging toward the corporate cost basis at Strategy. Michael Saylor’s giant BTC holding company owns 499,226 coins acquired for an average of $66,360 apiece. Today, a concerningly slim, 27% cushion separates BTC’s declining price from the company’s cost basis. For years, Strategy (formerly MicroStrategy) enjoyed a generous price cushion between BTC and its prior purchases. For example, in celebration of Trump’s January 20 inauguration, BTC hit an all-time high of $108,786 — 73% above Strategy’s average purchase price of $62,691 at the time. There have been even better times, such as 2021 or mid-2024, when the price of BTC was more than double Strategy’s cost basis. However, crypto entered a bear market shortly after Trump entered the White House. The president continued to promote memecoins, declined proposals for buying Saylor’s recommended 4 million BTC or Cynthia Lummis’ recomme...