Overview
- Strategy holds 847,363 BTC and is carrying roughly $10–14 billion in unrealized paper losses based on the company’s reported average purchase price and current Bitcoin levels.
- The company has continued its programmatic weekly Bitcoin purchases through the downturn, but it has also authorized a roughly $1.25 billion monetization program and raised the STRC perpetual preferred dividend to 12%.
- Market value measures show Strategy’s enterprise value now below the market value of its Bitcoin stash (mNAV under 1x) and its shares have fallen about 85% from their November 2024 peak.
- Management says unrealized losses are not realized unless Bitcoin is sold and asserts the Bitcoin reserve would cover net debt even under an extreme price drop, but the loss of the stock premium has ended issuing equity as the main funding engine.
- The shift could change how investors use Strategy for Bitcoin exposure, increase reliance on debt and preferred instruments, and may affect Bitcoin markets if the company executes buybacks or sales under its new authorization.