Strategy Inc. (NASDAQ:MSTR) is facing the “first real test” of its Bitcoin (CRYPTO: BTC) model and should not be seen as Bitcoin at a discount, according to a new The Block research paper.
Strategy’s $54.7 Billion Treasury Now Sits $9.4 Billion Underwater
Strategy holds 847,363 BTC bought for $64.10 billion at an average cost of $75,651 per coin. With Bitcoin near $64,600, that treasury is worth roughly $54.7 billion, leaving the company about 14.6% below its cost basis.
The Block’s report argues that the company faces greater exposure than the blended loss implies because it bought most of its newer debt- and preferred-funded Bitcoin at significantly higher prices.
There is no immediate liquidation trigger.
