Michael Saylor Uses 'Dry Powder' To Add 855 BTC To Strategy's War Chest, But Jim Cramer Is Not Impressed

Strategy (NASDAQ:MSTR) bought 855 Bitcoin (CRYPTO: BTC) at an average price of $87,974 last week as CNBC’s Jim Cramer questions whether executive chairman Michael Saylor has enough capital left to defend the sell-off.

The Ill-Timed Purchase

Strategy acquired 855 BTC for $75.3 million between January 26 and February 1, funding the purchase entirely through selling 673,527 Class A shares that generated $106.1 million in net proceeds.

Bitcoin crashed below $75,000 over the weekend, putting the fresh purchases immediately underwater. 

The company now holds 713,502 BTC acquired for $54.26 billion at an average price of $76,052 per coin.

With Bitcoin trading around $77,000, Strategy’s entire treasury sits marginally above breakeven after more than five years of accumulation.

Cramer Sounds The Alarm

Jim Cramer questioned where Bitcoin’s vocal supporters were as prices tested key technical levels during the weekend slide to $74,000—the lowest level since April 2025.

Cramer repeatedly invoked Saylor, asking whether the longtime Bitcoin bull had “dry powder” to step in.

He pointed to $73,000 as a vital floor for Bitcoin, warning the asset must reclaim $77,000 to establish a “launching pad” for future gains.

However, Cramer expressed skepticism about whether “the usual defenders” can provide enough buy-side pressure to stop a deeper break.

Cramer framed the decline as a reminder of Bitcoin’s volatility and limitations as a short-term currency, even noting he personally owns the asset. 

“The demonstration of what can happen in a weekend with bitcoin demonstrates its unreliability, on a short-term basis, to be a currency,” he wrote.

MSTR Stock Breakdown

MSTR broke down from a consolidation box between $145-$165 and now tests major support around $138-$146. 

The stock trades roughly 45% below its 200-day moving average—an extreme technical condition.

All four EMAs sit well above current price: 20 EMA at $161.27, 50 EMA at $180.92, 100 EMA at $221.04, and 200 EMA at $259.04. This massive gap indicates severe downward momentum.

Critical support sits at $138-$146. If this level fails, the next major support is around $120-$125, followed by the psychological $100 level. 

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