CryptoQuant says Strategy is sitting on heavy unrealized Bitcoin losses

Over the last seven trading days, Bitcoin has logged intraday losses in six sessions and is on pace for a seventh down day in eight, with the price recently quoted at $91,367. The drawdown has erased recent gains and pushed the asset through two closely watched support zones at $100,000 and $95,000, widening pressure on highly exposed corporate balance sheets.

Despite the drop, Strategy – formerly MicroStrategy – has continued to add to its Bitcoin treasury. On Monday, Michael Saylor disclosed that the company bought another 8,178 BTC for about $835.6 million at an average price of $102,171 per Bitcoin, describing the purchase in an X post that also highlighted a 27.8% year-to-date Bitcoin yield for the strategy in 2025.

With the latest acquisition, Strategy now holds 649,870 BTC, equal to roughly 3.2% of Bitcoin’s circulating supply. The company says it has spent $48.37 billion building this position at an average cost of $74,433 per coin, giving the stash a current market value of $59.38 billion at recent prices and leaving an overall paper profit of about $11.46 billion, or 22.7%.

CryptoQuant’s breakdown of the holdings indicates that the recent drawdown has pushed a large slice of the stack into negative territory. According to the on-chain analytics firm, 40% of Strategy’s Bitcoin portfolio is now in loss, mainly due to coins acquired at prices above current spot in recent months, which have dragged down the portfolio’s aggregate profit ratio.

For the newest 8,178 BTC tranche alone, the analysis estimates an unrealized loss of around $88 million in just a few days, with that block down 10.5% versus its purchase cost. CryptoQuant notes that this buy is one of three Bitcoin acquisitions Strategy has executed so far in November: 397 BTC for $45.6 million on November 3 and 487 BTC for $49.9 million on November 10, followed by the latest multi-hundred-million-dollar order.

Board-level member Strategy announced a fresh addition of 8,178 BTC (≈ $835.6 million) to its treasury during 10–16 November, funded via at-the-market preferred-stock issuances, raising its total holdings to 649,870 BTC.