🚨 Saylor’s Bitcoin cost basis is now just $2,285 away from the current price. Strategy’s recently filed 8-K: 849,000 BTC at an average cost of $75,451; current BTC price is $77,736—less than 3% away. This week’s new purchases of 811 BTC at an average price of $80,846 are currently underwater. More telling is where the money is going. This week, 1.179 million shares of MSTR were sold, generating $164 million in net proceeds, but only $65.5 million was used to buy Bitcoin, while $98.5 million remained as cash. Meanwhile, $208.2 million in cash was used to repurchase 2.09 million shares of STRC preferred stock—more than three times the amount spent on Bitcoin. The average repurchase price comes to roughly $99.50, still below the $100 par value. In plain terms, he’s prioritizing propping up his own “high-yield savings product,” while Bitcoin buying has taken a back seat. As the largest corporate Bitcoin holder globally, if BTC falls below $75,451, the company will be in overall unrealized loss territory. Do you think this level will be broken in this cycle?