Axel Adler Jr.: Strategy Shifts to Defensive Bitcoin Buying as MSTR Falls 78% From Peak

Axel Adler Jr. said Strategy has moved to a more defensive approach to Bitcoin accumulation as its stock, MSTR, is down 78% from its peak while Bitcoin is down 51%. According to NS3.AI, Adler said the main risk is Bitcoin failing to recover to Strategy’s average purchase price of $75,000 for an extended period. Adler framed the shift as a response to the drawdowns in both MSTR and Bitcoin, arguing that the company’s buying posture has become more cautious under current market conditions. He added that prolonged weakness below the $75,000 average cost basis could increase pressure on the strategy, making a sustained recovery in Bitcoin a key factor for reducing risk.