Strategy Doubles Down as Portfolio Hits Unrealized Loss

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Nevertheless, the company continues to be in the red on its BTC position.

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The world’s largest corporate holder of bitcoin has used the current market slump as an opportunity to increase its BTC portfolio at prices of under $70,000.

In its latest purchase, announced minutes ago, Strategy’s co-founder, Michael Saylor, said the firm accumulated 2,486 BTC for almost $170 million at an average price of $67,710 per unit. This puts the NASDAQ-listed company’s total bitcoin fortune at 717,131 BTC, bought at an average price of $76,027.

The cryptocurrency market’s decline in the past several weeks has turned Strategy’s holdings into a losing position, even though the firm has repeatedly reassured that it has no plans to dispose of any of its BTC.

At a bitcoin price of $68,000 as of press time, Strategy’s holdings are now worth less than $49 billion. In other words, the firm stands in an unrealized loss of over $5 billion for the first time since the 2023 bear-market closure.

The company’s stock price experienced heightened broader market volatility over the past few weeks, falling from $140 to $120 last week before stabilizing at around $134.

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Source: https://cryptopotato.com/2486-btc-strategy-doubles-down-as-portfolio-hits-unrealized-loss/