Strategy, a company that has built its entire identity around continuous Bitcoin accumulation, has encountered a metric it likely did not wish to see. According to an analyst from CryptoQuant, over 51% of the company's total Bitcoin holdings were acquired at prices exceeding current market values. This statistic could significantly alter market perceptions of the firm's financial standing.
Currently, Strategy holds 649,870 BTC, representing the largest corporate Bitcoin treasury globally. The average cost basis for these holdings is $74,430. With Bitcoin trading near $86,900, the company remains in an unrealized profit position. However, the average cost does not tell the complete story.
The critical issue lies in the price points of these acquisitions. A substantial portion of Strategy's Bitcoin was purchased during periods of high market prices in 2021, 2024, and early 2025. During these times, Bitcoin's price was considerably higher than it is presently. Consequently, due to purchases made in 2025 specifically, more than half of the company's Bitcoin stash is currently valued below its original purchase price.
This situation has come to light following a significant Bitcoin price drop, where the cryptocurrency fell from above $120,000 into the high $80,000s within a short timeframe. This downturn brought Bitcoin's price back into the ranges where Strategy executed many of its most substantial purchases.
The older Bitcoin acquisitions, made during deeper market cycles at prices below $20,000, continue to maintain their gains. However, the more recent purchases, made at elevated prices, are not faring as well.
Stock Performance Adds Further Pressure
Strategy's stock (MSTR) is currently trading near the lower bounds of its valuation bands, which are typically tied to its Bitcoin holdings. Strategy's market capitalization stands at approximately $49 billion, while the Bitcoin it owns is valued at around $56.4 billion. This disparity means the stock is trading at a discount relative to the value of the company's Bitcoin reserves.
While the 51% figure does not immediately place Strategy in a precarious financial position, it highlights the extent to which the company may have overpaid for its assets. It is evident that Bitcoin's market performance is now intrinsically linked to Strategy's financial narrative, particularly as prices revisit levels where significant acquisitions were made.