$BTC Even Saylor Is Bleeding — $1.5B Down and This Isn’t a Bear Market
This is the part nobody likes to talk about. Michael Saylor’s Strategy is now sitting on roughly $1.5 BILLION in unrealized losses on its Bitcoin position — and the market hasn’t even officially flipped into a bear phase.
After years of being the poster child for conviction, the numbers are finally turning uncomfortable. BTC’s grind lower has pushed price close enough to institutional cost bases that even the strongest hands are feeling pressure. No forced selling. No panic. Just raw drawdown.
And that’s the key takeaway: if this is happening in a so-called “lowercase bear,” imagine the stress if conditions worsen. This market isn’t sparing anyone — not retail, not funds, not billion-dollar treasuries.
The question isn’t whether Saylor believes in Bitcoin.
It’s whether this pain is the setup for the next accumulation phase… or the warning before something uglier.