Strategy (MSTR), the software company turned bitcoin treasury firm, is sitting on an unrealized loss of approximately $13 billion on its bitcoin holdings, according to its latest financial filings. The company holds roughly 844,000 BTC, acquired at an average price of around $66,000 per coin, while bitcoin traded near $50,000 on June 26, 2026.
This paper loss exceeds the entire market capitalization of Dogecoin (DOGE), which stands at about $10 billion, and is larger than BlackRock's BUIDL tokenized fund, which has around $500 million in assets. The loss also surpasses the market caps of hundreds of smaller cryptocurrencies, highlighting the scale of Strategy's exposure.
Strategy's bitcoin holdings were accumulated through a series of purchases since 2020, funded by debt and equity offerings. The company's stock (MSTR) has fallen 30% year-to-date, reflecting investor concerns about the volatility of its primary asset.
Despite the loss, Strategy has not indicated plans to sell its bitcoin. CEO Michael Saylor has repeatedly stated the company intends to hold bitcoin long-term, viewing it as a store of value. The unrealized loss does not affect cash flow unless the company sells at a loss.
Analysts note that if bitcoin recovers above $66,000, the loss would disappear. However, the current downturn underscores the risks of corporate bitcoin treasury strategies, especially for firms with significant leverage.
