Strategy (MSTR) plunged more than 10% to a two-year low near $92 as Bitcoin crashed below $60,000, wiping out billions in unrealized gains.

Strategy buys 520 BTC and adds $300M to its USD reserve as MSTR bounces 3.5% off oversold levels mirroring February's setup.

The Block warns Strategy isn't Bitcoin at a discount, sitting $9.4B underwater with just 10 months of cash reserves left.