Strategy’s Bitcoin stack slips below cost basis as BTC drops under $75K

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Michael Saylor's Bitcoin treasury company is roughly $500 million underwater on paper after Bitcoin's latest slide

Mon 9 Nov 2026 · 03:45 EST · 3 min read

In Crypto

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For the first time in a while, Strategy’s giant Bitcoin pile is worth less than the company paid for it.

Bitcoin slipped below $75,000, and that was enough to push the firm’s treasury under its average purchase price. The loss is unrealized, but the symbolism is hard to ignore for a company whose whole identity is built on one asset.

The math behind the slip

As of November 1, 2026, Strategy held approximately 849,327 BTC. It acquired that stack for around $64.08 billion in total.

That works out to an average cost of $75,451 per coin. Think of it as the company’s break-even line, the price Bitcoin needs to hold for the treasury to be flat on paper.

Bitcoin’s spot price then fell to around $74,863 on Coinbase. At that level, the market value of Strategy’s holdings dropped to about $63.58 billion.

The result is a treasury sitting roughly $500 million below its acquisition cost. The gap between spot and the average cost is just $588 per coin, which tells you how thin the line between “up” and “down” really is here.

From MicroStrategy to Strategy

The company used to be known as MicroStrategy, a business software firm. In 2025, it rebranded to Strategy to underline its role as a Bitcoin treasury company led by Michael Saylor.

The model has been aggressive accumulation. Strategy has funded its purchases mainly by issuing equity and preferred stock, then converting the proceeds into Bitcoin.

Strategy reported a net loss of $12.6 billion in Q4 2025, driven by declines in the price of Bitcoin.

There has also been a quiet shift in philosophy. Strategy has sold modest amounts of BTC in 2026 to cover dividends on its preferred stock. The firm remains a net accumulator, though, meaning it still buys more Bitcoin than it sells over time.

Liquidity is the real question, and it looks intact

Strategy’s Bitcoin holdings are unencumbered, which means they are not pledged against loans. That reduces immediate concerns about margin calls tied to the price drop.

The company also holds around $4.79 billion in USD reserves as of early November 2026. That cash cushion gives it room to meet obligations, including preferred dividends, without leaning heavily on its Bitcoin.

What this means for Strategy and Bitcoin treasury companies

For Strategy shareholders, the immediate impact is mostly psychological and accounting-related. An unrealized loss only becomes a realized one if the company sells coins below cost, and its stated approach is still net accumulation.

The preferred dividends are worth watching too. Strategy has already sold small amounts of Bitcoin this year to cover them. If Bitcoin stays below the company’s cost basis, any further sales for that purpose would mean locking in losses on those specific coins, even if the amounts remain modest.

Given Strategy’s history, including the $12.6 billion net loss in Q4 2025, any quarter that closes with Bitcoin below the company’s average cost could produce another large reported loss.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.