Strategy Inc. (Nasdaq: MSTR), the Bitcoin treasury company formerly known as MicroStrategy, is carrying an estimated $6.85 billion unrealized loss on its Bitcoin (BTC) holdings after the cryptocurrency slipped to around $67,400 on Saturday, November 14, 2026. The paper loss comes three days after index provider MSCI Inc. confirmed it will drop the company from its flagship U.S. equity benchmark.
The figure is a mark-to-market estimate. It measures the gap between what Strategy paid for its Bitcoin and what those coins are worth at the current market price. Strategy has not sold its holdings at these levels, so the loss exists only on paper and will change as the price of Bitcoin moves.
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How Big Is Strategy’s Bitcoin Paper Loss?
According to Strategy’s Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on November 9, 2026, the company held 850,364 BTC as of November 8. It acquired those coins for an aggregate of $64.16 billion, an average of $75,456 per Bitcoin, inclusive of fees and expenses. The stack equals about 4.05% of Bitcoin’s fixed supply cap of 21 million coins.
Bitcoin traded near $67,400 at the time of writing, according to CoinGecko data. At that price, Strategy’s holdings are worth about $57.31 billion, leaving an unrealized loss of roughly $6.85 billion. Every $1,000 move in the price of Bitcoin changes the value of the treasury by about $850 million.
| Bitcoin price | Value of 850,364 BTC | Gain or loss vs. $64.16 billion cost |
| $75,456 (average cost) | $64.16 billion | Breakeven |
| $70,000 | $59.53 billion | Loss of $4.63 billion |
| $67,400 | $57.31 billion | Loss of $6.85 billion |
| $67,000 | $56.97 billion | Loss of $7.19 billion |
| $65,000 | $55.27 billion | Loss of $8.89 billion |
Calculations by The Crypto Times based on holdings and cost reported in Strategy’s November 9, 2026 Form 8-K.
The slide has been quick. Bitcoin traded at about $76,024 on the morning of November 6, close to Strategy’s breakeven level, as The Crypto Times reported earlier this week. It then fell below $72,000 on November 12 as U.S. spot Bitcoin exchange-traded funds (ETFs) logged a fifth straight day of outflows.
Strategy’s Latest Bitcoin Purchase Is Already Underwater
The same November 9 filing shows Strategy bought 1,036 BTC for $81.9 million between November 2 and November 8, at an average price of $79,012 per coin. At $67,400, those coins are worth about $69.8 million, and Bitcoin now trades about 14.7% below what Strategy paid for that batch.
Strategy funded the purchase through its at-the-market (ATM) offering program, which lets a listed company sell newly issued shares gradually into the open market at prevailing prices. During the week, it sold 2,051,348 shares of Class A common stock (MSTR) for $283.8 million in net proceeds.
Only part of that money went into Bitcoin. Strategy allocated the proceeds as follows:
- $81.9 million to buy Bitcoin.
- $188.3 million to repurchase 1,887,464 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), a preferred share with no maturity date whose dividend rate Strategy can adjust.
- $13.6 million added to USD Cash.
That means about 29% of the week’s equity raise went to Bitcoin, while the larger share went to supporting STRC. The filing also shows about $18.34 billion of MSTR stock remained available for sale under the ATM program as of November 8.
Strategy Holds $4.9 Billion in Dollar Assets
Strategy maintains a USD Reserve, a pool of cash the company has set aside to support dividends on its preferred stock and interest on its debt. According to the 8-K, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million as of November 8, 2026. During the week, Strategy used $21.1 million from the reserve to pay preferred stock dividends.
Executive Chairman Michael Saylor confirmed the update in a post on X: “Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets.”
The dollar buffer means Strategy does not need to sell Bitcoin to meet near-term dividend payments. However, the company has sold Bitcoin this year when it chose to. Strategy disclosed that it had sold about $431.8 million of Bitcoin so far in 2026, including coins sold in July to help fund preferred dividends.
MSCI Index Removal Adds Pressure on MSTR Stock
MSCI, the index provider originally known as Morgan Stanley Capital International, published its November 2026 Index Review on November 11. Its public list of changes shows “STRATEGY A” among the deletions from the MSCI USA Index, with changes effective as of the close of business on November 30, 2026. Because the MSCI USA Index feeds into global benchmarks such as the MSCI World Index and the MSCI All Country World Index (ACWI), the deletion also takes Strategy out of those indexes.
The decision follows MSCI’s October 2026 adoption of a new methodology that makes “non-operating companies” ineligible for its Global Investable Market Indexes (GIMI). Under the framework set out in MSCI’s consultation document, a company is first tested on whether enough of its total assets are operating assets.
A company that fails that test is then checked against five financial ratios covering operating assets, operating expenses, operating cash flow, fair value changes on non-operating assets, and reliance on outside capital. Failing at least four of the five makes a company ineligible. Existing index members are removed only if they fail in each of their two most recent annual filing periods.
The rule does not mention Bitcoin directly, but Strategy’s balance sheet is dominated by it. Japan’s Metaplanet (TSE: 3350) was flagged under the same rules in October.
In its response to MSCI’s consultation, Strategy said funds tracking MSCI GIMI indexes hold about 13 million MSTR shares, or 3.1% of its basic shares outstanding, which the company said equals less than one day of MSTR trading volume. The company called the proposal “misguided.” JPMorgan analysts had estimated in November 2025 that an MSCI exclusion could lead to about $2.8 billion in outflows, though that estimate was based on MSCI’s earlier digital asset proposal rather than the final rules.
MSTR shares fell 6.8% in pre-market trading on November 12 after MSCI confirmed the removal. The deletion does not delist the stock from Nasdaq, and nothing in MSCI’s rules requires Strategy to sell any Bitcoin. The selling pressure falls on MSTR shares held by index-tracking funds.
Analysis: What the Paper Loss Means for Strategy
The paper loss matters less for Strategy’s day-to-day solvency than for its funding model. Strategy has built its Bitcoin treasury mainly by selling new shares and preferred stock. When MSTR trades at a strong premium to the value of the Bitcoin it holds, each new share sold adds Bitcoin per share for existing holders. When the stock weakens and passive buyers exit, the company must issue more shares to raise the same amount of money, which dilutes existing shareholders.
Three pressures are now meeting at once. Bitcoin trades below Strategy’s average cost, MSCI-linked funds must sell MSTR by November 30, and Strategy has recently directed more of its equity raises toward STRC buybacks than toward new Bitcoin. The broader market backdrop has also weakened, with on-chain analytics firm CryptoQuant warning that a $6.6 billion drop in the market value of Tether’s USDT stablecoin points to thinning liquidity for Bitcoin buyers.
Accounting adds another layer. Strategy reports its Bitcoin at fair value each quarter, so price swings flow directly into its reported earnings. If Bitcoin stays at current levels through December 31, Strategy’s fourth-quarter results would reflect a large unrealized loss on its digital assets, even without any sales.
On the other side, the company holds about $4.9 billion in dollar assets and still has about $18.34 billion of ATM capacity for MSTR stock. Management has repeatedly said it treats Bitcoin as a long-term asset and has continued buying even as the price fell below its average cost.
What to Watch Next
- Strategy’s next weekly 8-K, expected on Monday, November 16, 2026, will show whether the company bought more Bitcoin, sold any, or prioritized STRC buybacks and its USD Reserve.
- November 30, 2026, when MSCI’s index changes take effect at the close and tracking funds complete their MSTR sales.
- The $75,456 level, Strategy’s average cost per Bitcoin. A move back above it would return the treasury to a paper gain.
For now, Strategy remains the largest corporate holder of Bitcoin by a wide margin. Whether the current drawdown proves temporary or tests the company’s funding model will depend on how long Bitcoin stays below Michael Saylor’s cost basis.
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