Key Takeaways
- Strategy paid $64.16B for 850,364 BTC, an average of $75,456 per coin, per its Nov. 9 filing.
- Bitcoin near $66,935 values Strategy’s stack at about $56.9B, a paper loss of roughly $7.2B.
- BTC must rally about 12.7% to put Strategy back at breakeven, while a $4.77B USD Reserve covers dividends.
Strategy’s Bitcoin Stack Slips Below Cost
The world’s largest corporate bitcoin holder is now officially in the red, with Strategy’s most recent 8-K filing with the SEC showing that the company held 850,364 BTC as of Nov. 9, bought for an aggregate $64.16 billion (at an average purchase price of $75,456 per coin, fees included).
Bitcoin is currently trading near $67,200 after a fresh leg down that briefly took it to about $66,580. At that price, Strategy’s holdings were worth roughly $56.9 billion, leaving an unrealized loss of about $7.2 billion.
The swing has been brutal because just about a month ago, Bitcoin.com News reported that Saylor’s firm was still $5 billion up on its bitcoin even after MSCI news knocked MSTR shares down nearly 10%.
That cushion is sadly now gone.
Crypto Crash Drags BTC to a 3-Month Low
Saturday’s drop came fast after analysts reported over $330 million in liquidations across the crypto market in two hours. During that stretch, BTC fell under $67,000, ether under $1,900 and XRP under $1. Popular chartists noted that bitcoin had once again entered a bear market after falling more than 20% from its September high.
To this point, BTC is down about 11.6% over seven days and 17% over 30 days, and it now sits roughly 47% below its October 2025 all-time high of $126,080. The Crypto Fear and Greed Index printed a reading of 13, or “Extreme Fear,” on Friday night.
Strategy kept buying into the slide, and its Nov. 9 filing showed that the firm had added 1,036 BTC at an average of $79,012, funded with MSTR stock sales. Those coins alone are now about 15% underwater.
MSTR Shares, MSCI and the Dividend Question
MSTR closed Friday at $111.62, down about 22% from its $142.54 close on Nov. 4. The slide followed MSCI’s decision this week to drop the company from its indexes, which Bitcoin.com News covered when Strategy lost its MSCI spot.
Strategy CEO Phong Le pushed back on the index fears in a CNBC interview yesterday, saying only about 3% of Strategy’s shares are tied to MSCI indexes and he expects little impact from the exclusion. Adding to the sting, MSCI said UK-based bitcoin treasury firm The Smarter Web Company will join its Micro Cap Index effective Nov. 30.
Critics have zeroed in on the payouts, and Peter Schiff recently questioned Strategy’s 12% yield on its preferred stock as bitcoin fell. The company’s filing offers some context as Strategy reported a U.S. dollar (USD) Reserve of $4.77 billion (as of Nov. 8), set aside for preferred dividends and debt interest, and said it used $21.1 million of that reserve for dividends during the prior week.
Being underwater on paper does not by itself force Strategy to sell anything, and its USD Reserve exists so dividends don’t depend on selling BTC. Still, the gap can have a direct impact on sentiment. MSTR has long traded as a leveraged bet on bitcoin, and a stack worth less than its cost basis undercuts the pitch that each new purchase adds value for shareholders.
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