Strategy, the company formerly known as MicroStrategy, is sitting on an unrealized loss of roughly $10.8 billion across its Bitcoin treasury. The firm that turned corporate treasury management into a high-conviction crypto trade is now nursing the largest paper loss in its six-year Bitcoin accumulation history.
The company holds 843,706 BTC with a total cost basis of approximately $63.8 billion. As of early June 2026, those coins are worth about $53 billion. That gap, roughly 17% below what the company paid, has sent MSTR stock tumbling 77% from its all-time high.
The numbers behind the drawdown
Strategy’s average acquisition cost sits at approximately $75,700 per Bitcoin. With Bitcoin trading well below that level, every single coin the company bought on average is now worth less than what was paid for it.
The $10.8 billion unrealized loss is the worst the firm has recorded since it first started buying Bitcoin in August 2020.
