Key Points:
- Strategy holds 712,647 BTC with a weighted average cost of $76,037 per coin.
- Recent BTC drop below $76,000 pushed Strategy into over $900 million in unrealized losses.
- Strategy bought 2,932 BTC between Jan 20 and 25 at an average of $90,061 per coin.
- Roughly $1 billion of long BTC positions were liquidated during the price slide.
Bitcoin’s latest downturn has pushed Michael Saylor’s Strategy into an unrealized loss position on its vast digital-asset treasury, reviving debate over the financial risks of holding Bitcoin on corporate balance sheets.
The cryptocurrency weakened to about $74,551 at one point last weekend and was trading near $75,800 at the time of reporting, below Strategy’s disclosed average acquisition cost of $76,037 per coin. With the company holding 712,647 BTC, blockchain analytics firm Lookonchain estimated the paper loss at more than $900 million.
The move follows a slide from levels above $80,000 and highlights how even modest percentage declines can translate into large balance-sheet swings for companies with concentrated exposure.
ETF Outflows and Macro Pressures Weigh on Bitcoin Price
The selloff has coincided with heavy redemptions from U.S. spot Bitcoin exchange-traded funds. Data shows that ETFs recorded $2.8 billion in outflows over the past two weeks, including $1.49 billion last week alone, cutting total assets under management by roughly 31.5% from October highs.
Analysts estimate the average ETF purchase price near $87,830, leaving many institutional positions underwater and potentially prompting defensive selling.
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Broader macro uncertainty has compounded the pressure. There are concerns tied to a partial U.S. government shutdown and heightened sensitivity to future Federal Reserve leadership, contributing to a risk-off move across markets.
Gold has fallen by more than 8% over the same period, while crypto derivatives markets saw over $2 billion in liquidations over the weekend as leveraged positions were forced to unwind.
Strategy Bitcoin Accumulation and Balance-Sheet Exposure
Strategy continued buying through the volatility. The company disclosed that it acquired 2,932 BTC between January 20 and January 25 for about $264.1 million, paying an average of $90,061 per coin, including fees, well above its overall cost basis.
Chief Executive Michael Saylor has repeatedly said the firm intends to keep adding to its holdings, framing Bitcoin as a long-term store of value.
Unrealized losses do not require immediate action, and Strategy has not indicated any intention to sell. Still, the company’s shares have fallen roughly 61% over the past six months. Strategy stock has fallen from $410.92 in August 2025 to around $149.71 today, reflecting investor unease over the tight link between its equity valuation and Bitcoin’s price.
Strategy’s aggressive accumulation strategy offers outsized upside in rising markets but magnifies downside risk when sentiment turns. As Bitcoin searches for stability near the mid-$70,000 range, that linkage is likely to remain front and center.
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