Michael Saylor’s bitcoin stack is officially underwater, but here’s why he likely won't reach for the panic button

The main impact of the price decline is slowing Strategy's ability to buy more bitcoin without diluting shareholders, as its stock now trades at a discount to its bitcoin holdings. What to know : Bitcoin's drop below $76,037 per coin has put Strategy's bitcoin position slightly underwater, but has not created any immediate financial stress for the firm. Strategy's 712,647 unencumbered bitcoin and flexible options for managing its $8.3 billion in convertible debt mean it faces no forced selling or near-term solvency risk. The main impact of the price decline is to make new share issuance less attractive, slowing Strategy's ability to buy more bitcoin without diluting shareholders, as its stock now trades at a discount to its bitcoin holdings.