Four months ago Michael Saylor was sitting on $47 billion in unrealized profit. Today he’s down $6.5 billion. Read that again.
Strategy owns 717,131 Bitcoin. Average cost $76,027 per coin. Total investment $54.5 billion. With BTC at $68,000 right now, that entire position is underwater. The largest corporate Bitcoin holder on earth is bleeding.
MSTR stock crashed 80% from its all time high. They reported a $12.4 billion loss for Q4 2025. The stock fell 13% in a single day, the worst session in nearly a year.
And you know what Saylor did? He bought more. 1,142 BTC for $90 million last week at $78,815 per coin. Above the current market price.
Here’s what most people are missing though.
Strategy has zero forced selling risk right now. All 717K Bitcoin are unencumbered, meaning none are pledged as collateral. No margin calls triggered. They’re sitting on $2.25 billion in cash reserves. Their first convertible note doesn’t mature until Q3 2027.
True financial crisis only happens if BTC drops to $25,000. At that level, holdings value falls below their debt obligations. But at $68K? It’s painful on paper but the company isn’t in danger.
This is the biggest game of chicken in crypto history. Saylor is betting everything that Bitcoin recovers. If it does, he looks like a genius again. If it doesn’t, this becomes the most expensive corporate bet ever made.
Either way, you’re watching history.
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