The Saylor Discount: How Bitcoin Trading Below Its Realized Price Benefits Late‑Cycle Investors
Bitcoin stays under $65,000 as steady selling drags sentiment down. Price action is fragile, with high volatility and weak trader conviction. Tight liquidity and macro uncertainty keep the asset in a cautious consolidation zone. MicroStrategy’s StrategyB has spent six years buying roughly 5% of Bitcoin’s supply. CEO Michael Saylor aims for a long‑term $1 million target, using the largest dollar‑cost averaging plan ever. Annual spend has ranged from $276 million to $22.4 billion, with $4.1 billion invested so far in 2026. The firm now holds about 717,131 BTC (≈3.4% of circulation) with a realized cost near $76,000 per coin. Trading below this cost does not equal undervaluation, as market, liquidity and macro forces dominate price moves. Nonetheless, StrategyB’s scale marks a significant institutional footprint in the market. Bitcoin’s weekly close around $66,000 sits below the 50‑ and 100‑week moving averages, turning them into resistance. The 200‑week average near $50,000 remains the key support level. Bulls must retake the $75‑$80k range to shift momentum, while current signals favor continued consolidation or further downside.























