Bitcoin's spot price hit a low of $75,678 at 2:30 a.m. today (some exchange contract prices were very close to $75,000). This sharp drop brought Strategy, the publicly traded company that holds the most Bitcoin in the world, to zero on paper. This is the first time since October 2023 that the price of Bitcoin has fallen below the company's average holding cost.
According to Strategy's official holdings records , as of January 25, 2026, the company held a total of 712,647 Bitcoins, with a total acquisition cost of approximately $54.18 billion, translating to an average cost of $76,037 per Bitcoin.
The stock price has fallen by more than 60% in six months, which may affect its financing ability.
Strategy increased its holdings three times in January of this year, purchasing a total of over 26,000 Bitcoins, and continues to maintain an aggressive strategy of increasing its holdings, although there is currently no immediate risk of "margin call" or "forced liquidation".
However, the continued decline in BTC continues to pose challenges to the company's operations. The company's stock price has fallen by more than 60% in the past six months. As the stock price falls further relative to net asset value, the company will find it more difficult to effectively raise funds through market capitalization (ATM), which may limit Michael Saylor's ability to purchase more Bitcoin.
Has Bitcoin hit rock bottom?
The market is currently in the "deep demand test" phase, and investors are closely watching whether the $76,000 (Strategy average cost price) level has the strength to support prices. As highly leveraged speculators are shaken out of the market and selling pressure gradually dries up, it remains to be seen whether institutions or large whales will enter the market to buy on the buy the dips and drive prices back up.
In a market environment fraught with uncertainty, maintaining cash flow and managing risk are always key to survival.
