Michael Saylor spent years telling anyone who would listen that Bitcoin was the ultimate store of value and that selling it would be like “selling Manhattan in the 1800s.”
Strategy, the company formerly known as MicroStrategy, is sitting on an unrealized loss of approximately $10 billion across its massive Bitcoin position. The firm holds 840,447 BTC purchased at an average cost of roughly $75,482 per coin, totaling around $64 billion in cumulative spending. With Bitcoin trading in the low-to-mid $64,000 range as of August 2026, those holdings are worth approximately $54 billion.
The numbers behind the hole
Strategy’s average purchase price of approximately $75,482 per Bitcoin means the company needs a roughly 18% rally from current levels just to break even.
The more telling development is what Strategy has been doing with its holdings. In July 2026, the company sold 3,588 BTC for $216 million. It followed that up with additional sales of approximately 1,690 BTC in early August. These are modest amounts relative to an 840,000-coin stockpile, barely a rounding error. But for a company that built its entire identity around never selling Bitcoin, any sale at all is significant.
