😱 Saylor's rate is cracking under pressure

Bitcoin has fallen below the company's average purchase price, Michael Saylor Strategy — around $76 thousand. This is a rare moment: the market is not panicking, it’s exhausted. The “buy BTC infinitely” model looks drained for the first time in a long while.

💬 The scheme was simple: Strategy’s shares traded at a premium to Bitcoin, the company issued new securities and used the proceeds to buy more BTC. During a bull market, this worked perfectly. Now — no. Shares have fallen nearly 70% from their peak, the premium has disappeared, and investors have become much more cautious.

❕ Officially, there are no threats. No margin calls, no forced Bitcoin sales, and about $2.25 billion in liquidity reserves. But room for maneuver is shrinking: without BTC growth or new demand for shares, deploying capital becomes pointless.

An additional problem is changing sentiment. Bitcoin no longer reacts to usual triggers like geopolitics or a weak dollar. Money is flowing into gold, silver, and quick speculation.