Bitcoin falls below the psychological barrier, a high-risk bet is pushed to the forefront.

The latest round of Bitcoin's sharp decline is putting new pressure on the world's largest enterprise-level encrypted asset storage carrier. The price of Bitcoin has fallen below the average purchase cost of Michael Saylor's leveraged Bitcoin proxy Strategy Inc. for the first time since 2023. The sentiment brought about by this milestone event, rather than being panic, is more like exhaustion - it sends a signal: the once highly praised model of continuously issuing stocks to hoard Bitcoin is increasingly colliding with a market that is becoming more skeptical. The long-term cost price of the company, which is currently $76,052, has long been seen as a psychological bottom line. With Bitcoin falling below $76,000 on Saturday and dropping again during the Asian trading session on Monday, this defense line finally collapsed. This breakthrough highlights a deeper truth: as Strategy's stock price has plummeted by about 70% from its peak, the equity premium has disappeared, and the capital market has tightened, Saylor's model is facing comprehensive pressure. According to the company's official website, Strategy has paid $54.2 billion for its Bitcoin reserve. Bloomberg compiled data shows that, based on Monday's low point of $74,541, the market value of this holding is approximately $53.2 billion. The company announced on Monday that it had increased its Bitcoin holdings by $75.3 million in value from January 26th to February 1st. At the moment, the company is not facing financial pressure. Strategy faces neither margin call risks nor the expectation of being forced to sell Bitcoin. Through stock issuance, the company has also established a cash buffer of $22.5 billion. However, if the price of Bitcoin does not rebound or if there is a lack of new investment demand for its stock, the company's operating space will continue to narrow.