The crypto market<\/a> is holding its breath. For the first time since the beginning of its massive accumulation campaign, the price of Bitcoin<\/a> has fallen below MicroStrategy’s average cost basis<\/strong>, estimated at precisely $76,037<\/strong> per coin. With the current price hovering around $78,000<\/strong> (at the time of writing), every satoshi held by the company is approaching the red zone.<\/p>\n\n\n\n This shift is far from trivial. MicroStrategy holds a war chest of 712,647 BTC<\/strong>. Even a minimal drop below the average purchase price immediately translates into hundreds of millions of dollars in unrealized losses on the balance sheet. For outside observers and traditional media, this is often the signal of an imminent capitulation. Yet the technical reality is quite different.<\/p>\n\n\n\n The recent price drop can be explained by a complex macroeconomic cocktail and reduced weekend liquidity, exacerbating bearish movements. But this move “underwater” is primarily symbolic for Saylor. The real question isn’t whether he’s losing money today, but whether he can hold his position tomorrow. And the answer lies in the structure of his debt.<\/p>\n\n\n\n Unlike retail traders using excessive leverage on Binance<\/a> or Bybit<\/a>, Michael Saylor doesn’t face the dreaded margin call. This is the crucial point that many overlook. All 712,647 BTC<\/strong> held by MicroStrategy are unencumbered<\/strong>. This means they don’t serve as collateral for a loan that could be automatically liquidated if the price collapses.<\/p>\n\n\n\nWhy the “Panic Button” Won’t Be Activated<\/h2>\n\n\n\n