Overview
- Strategy holds 840,447 bitcoins bought for about $64 billion at an average cost near $75,482 per coin, leaving an unrealized loss of roughly $10 billion as current market value sits near $54 billion.
- The company broke its prior pledge to only buy by selling 3,588 BTC for $216 million in July and about 1,690 BTC in early August, moves that are tiny versus the full position but large in symbolic terms.
- The firm has effectively shifted from a software business into a leveraged corporate vehicle that used repeated equity offerings and debt to fund its bitcoin accumulation, tying its valuation closely to Bitcoin’s price swings.
- Michael Saylor’s long public insistence on never selling has amplified investor scrutiny, and the paper losses plus the new willingness to dispose of small amounts of bitcoin have sharpened questions about management signaling and shareholder impact.
- Because Strategy’s average cost is about $75,482 per coin, Bitcoin needs roughly an 18% price rise for the company to return to break‑even, and investors will be watching its capital plans, leverage levels, and any further sales for signs of bigger shifts.