Analysis: MSTR down 78% from peak, its BTC holding cost now above spot price

CoinFeed June 25 news, CryptoQuant analyst Axel Adler Jr. posted that Strategy's preferred stock MSTR has fallen 78% from its peak, while Bitcoin has fallen 51% from its peak. Strategy's 847,363 BTC holdings have an average cost of $75,651, with a total cost of $64.1 billion. The current BTC price has fallen below this cost line for the first time since the 2022 bear market. MSTR's additional decline relative to BTC has reached about 28 percentage points, approaching the upper edge of the historical range but not yet hitting the 89% drawdown extreme from the 2022 bottom. Meanwhile, Strategy's buying strategy has clearly turned defensive: weekly BTC purchases cut by about two-thirds, and less than 11% of the $335.5 million raised through stock issuance was used to buy BTC, with the rest transferred to USD reserves.