Saylor’s Strategy Is Now $7 Billion Underwater on Its Bitcoin Bet

Strategy’s Bitcoin Stack Slips Below Cost

The world’s largest firm bitcoin holder is present officially successful the red, with Strategy’s astir caller 8-K filing with the SEC showing that the institution held 850,364 BTC arsenic of Nov. 9, bought for an aggregate $64.16 cardinal (at an mean acquisition terms of $75,456 per coin, fees included).

Bitcoin is presently trading adjacent $67,200 aft a caller limb down that concisely took it to astir $66,580. At that price, Strategy’s holdings were worthy astir $56.9 billion, leaving an unrealized nonaccomplishment of astir $7.2 billion.

The plaything has been brutal due to the fact that conscionable astir a period ago, Bitcoin.com News reported that Saylor’s steadfast was still $5 cardinal up connected its bitcoin adjacent aft MSCI quality knocked MSTR shares down astir 10%.

That cushion is sadly present gone.

Crypto Crash Drags BTC to a 3-Month Low

Saturday’s driblet came accelerated aft analysts reported implicit $330 million successful liquidations crossed the crypto marketplace successful 2 hours. During that stretch, BTC fell nether $67,000, ether nether $1,900 and XRP nether $1. Popular chartists noted that bitcoin had once again entered a carnivore market aft falling much than 20% from its September high.

To this point, BTC is down astir 11.6% implicit 7 days and 17% implicit 30 days, and it present sits astir 47% beneath its October 2025 all-time precocious of $126,080. The Crypto Fear and Greed Index printed a speechmaking of 13, oregon “Extreme Fear,” connected Friday night.

Strategy kept buying into the slide, and its Nov. 9 filing showed that the steadfast had added 1,036 BTC astatine an mean of $79,012, funded with MSTR banal sales. Those coins unsocial are present astir 15% underwater.

MSTR Shares, MSCI and the Dividend Question

MSTR closed Friday astatine $111.62, down astir 22% from its $142.54 adjacent connected Nov. 4. The descent followed MSCI’s determination this week to driblet the institution from its indexes, which Bitcoin.com News covered erstwhile Strategy mislaid its MSCI spot.

Strategy CEO Phong Le pushed backmost connected the scale fears successful a CNBC interrogation yesterday, saying lone astir 3% of Strategy’s shares are tied to MSCI indexes and helium expects small interaction from the exclusion. Adding to the sting, MSCI said UK-based bitcoin treasury steadfast The Smarter Web Company will articulation its Micro Cap Index effectual Nov. 30.

Critics person zeroed successful connected the payouts, and Peter Schiff precocious questioned Strategy’s 12% yield connected its preferred banal arsenic bitcoin fell. The company’s filing offers immoderate discourse arsenic Strategy reported a U.S. dollar (USD) Reserve of $4.77 cardinal (as of Nov. 8), acceptable speech for preferred dividends and indebtedness interest, and said it utilized $21.1 cardinal of that reserve for dividends during the anterior week.

Being underwater connected insubstantial does not by itself unit Strategy to merchantability anything, and its USD Reserve exists truthful dividends don’t beryllium connected selling BTC. Still, the spread tin person a nonstop interaction connected sentiment. MSTR has agelong traded arsenic a leveraged stake connected bitcoin, and a stack worthy little than its outgo ground undercuts the transportation that each caller acquisition adds worth for shareholders.