Strategy's Bitcoin Stack Falls Over $7 Billion Below Cost as BTC Slides Under $67,000

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Strategy’s Bitcoin Stack Falls Over $7 Billion Below Cost as BTC Slides Under $67,000

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Strategy's 850,364 BTC are now worth less than the company paid for them, after bitcoin slid below $67,000. The paper loss stands at more than $7 billion, while the firm's USD Reserve is set aside for dividends and debt interest.

Michael Saylor's Strategy holds a paper loss of more than $7 billion on its 850,364 BTC. The loss followed a drop in bitcoin below $67,000 on Saturday.

A Nov. 9 SEC filing shows the company bought the coins for an aggregate $64.16 billion, an average of $75,456 per coin, fees included. With bitcoin trading near $67,200, the holdings are worth roughly $56.9 billion, an unrealized loss of about $7.2 billion.

Bitcoin briefly touched about $66,580 in the latest leg down.

Liquidations hit crypto as bitcoin enters a bear market

Analysts reported over $330 million in liquidations across the crypto market in two hours. Ether fell under $1,900 and XRP under $1 during that stretch.

Chartists noted that bitcoin had entered a bear market after falling more than 20% from its September high. Bitcoin is down about 11.6% over seven days and 17% over 30 days, roughly 47% below its October 2025 all-time high of $126,080.

The Crypto Fear and Greed Index printed a reading of 13, or "Extreme Fear," on Friday night.

Strategy keeps buying as MSTR shares fall

Strategy added 1,036 BTC at an average of $79,012, funded with MSTR stock sales. Those coins alone are now about 15% underwater.

MSTR closed Friday at $111.62, down about 22% from its $142.54 close on Nov. 4. The slide followed MSCI's decision this week to drop the company from its indexes.

Strategy CEO Phong Le said in a CNBC interview that only about 3% of its shares are tied to MSCI indexes and that he expects little impact from the exclusion.

USD Reserve covers dividends

The company's filing reports a USD Reserve of $4.77 billion as of Nov. 8, set aside for preferred dividends and debt interest. Strategy used $21.1 million of it for dividends during the prior week.

Being underwater on paper does not by itself force Strategy to sell anything, according to the source, and the reserve exists so dividends don't depend on selling BTC.

Sources: Strategy 8-K filing (SEC), Bitcoin News

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