According to crypto expert Adam Livingston, the market still is not fully valuing what that pace of accumulation could mean over time.
Q1 2026 Changed How The Market Reads Weakness
The chart that accompanied Livingston’s post shows Strategy bought 340,983 BTC in regimes above $90,000, compared with 161,326 BTC in sub-$50,000 regimes, a high-to-low accumulation ratio of 2.11x.
The largest single band on the chart is the $90,000 to $110,000 range, where disclosed purchases totaled 297,102 BTC across 30 events, accounting for 39.0% of all buys. The $70,000 to $90,000 band comes next with 162,805 BTC, then the sub-$30,000 band with 99,030 BTC.
Bitcoin Itself Is Still UndervaluedLivingston ties the Q1 accumulation story to a much larger Bitcoin thesis and how it relates to Strategy’s accumulations. Even if Strategy were to trade at a flat 1.0 multiple to net asset value, generating zero BTC yield premium, Livingston calculates the company’s 1x mNAV price at $288 per share by that point. The actual outcome, however, will be considerably higher because the model assumes a static Bitcoin price.
