Saylor’s Strategy Is Now $7 Billion Underwater on Its Bitcoin Bet

Strategy (formerly MicroStrategy) has fallen more than $7 billion underwater on its 850,364 BTC treasury after bitcoin slipped below $67,000, pushing the stash beneath its aggregate purchase cost. The paper loss marks a reversal for the world's largest corporate bitcoin holder, which had been sitting on substantial gains during the 2024–2025 rally. The company's most recent 8-K filing details the scale of the position, which remains the largest single corporate bitcoin holding globally. The drawdown matters because Strategy's equity has effectively become a leveraged bitcoin proxy, and its ability to raise further capital through equity or convertible debt could tighten if the discount to net asset value persists. Traders will watch whether bitcoin reclaims the company's average cost basis and whether Strategy signals any change to its accumulation strategy in upcoming filings and earnings disclosures.