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

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