According to the latest filing from MicroStrategy (MSTR), an institution that holds corporate bitcoins, the company holds 717,722 bitcoins, with a total acquisition cost of about $545.6 billion, and an average cost of about $76,020 per coin. Bitcoin has recently traded around $63,000, corresponding to an unrealized loss of about $95 billion on the book.
Position size and loss data: a complete analysis
MicroStrategy currently controls about 3.4% of the total supply of Bitcoin, making it the world’s largest corporate Bitcoin holder, far surpassing other similar holders. This increase is the ninth consecutive week of weekly purchases, and the main sources of funds are market stock sales and preferred stock issuance.
The key figures of Micro Strategy’s current positions
Total open interest: 717,722 Bitcoins
Total acquisition cost: Approximately $545.6 billion
Average cost per coin: Approximately $76,020
Current valuation (at $63,000): Approximately $452 billion
Book unrealized loss: Approximately $95 billion
The 100th increase in size: 592 at a cost of approximately US$3,970
The strategic framework for continuous increases: Saylor’s long-term layout logic
Under the leadership of founder Michael Saylor, MicroStrategy has completely transformed from a traditional software company to a corporate treasury institution centered on Bitcoin. Saylor has repeatedly publicly stated that regardless of short-term market fluctuations, the company plans to continue accumulating Bitcoin until 2026, with Bitcoin’s long-term appreciation potential as the core basis for capital allocation.
This strategic structure makes shareholder returns highly tied to Bitcoin’s price movements. Critics focus on long-term risks such as leveraged financing, equity dilution, and balance sheet pressure; Proponents pointed out that microstrategies also suffered significant book losses in the past Bitcoin bear market cycle, but then rebounded with the rebound of Bitcoin.
The Accounting Nature of Book Losses: The Impact of Fair Value Standards
Current digital asset accounting standards require companies to revaluate their positions quarterly based on the fair value of the Bitcoin market. This means that even if MicroStrategy does not sell any Bitcoin, the decline in Bitcoin prices will still be directly reflected in current financial losses, resulting in high volatility in reported earnings.
The huge quarterly losses that have occurred many times in the history of Microstrategy are mainly due to the above accounting adjustment mechanism, rather than actual operating losses. In the scenario of a Bitcoin price recovery, book losses can be completely converted into book gains, which is an important background for interpreting micro-strategy financial statements.
Frequently Asked Questions
Does MicroStrategy’s $95M loss mean the company is facing a financial crisis?
The current loss is an unrealized loss on the book, and MicroStrategy has not sold its Bitcoin. The current digital asset accounting standards require positions to be calculated at fair value in the market, and if the price of Bitcoin recovers, the book loss will be reduced simultaneously. The company continues to support the increase plan through the issuance of shares and preferred shares, and the source of funds is still stable.
Why does Micro Strategy continue to increase its holdings of Bitcoin despite book losses?
Michael Saylor adopts a long-term “Bitcoin reserve” strategy, arguing that Bitcoin’s long-term appreciation potential outweighs the risk of short-term market volatility. The funds for the increase mainly come from stock and preferred stock financing, not from the sale of existing Bitcoin, so the book loss does not directly affect the execution ability of the increase.
How does micro-strategy control of 3.4% of Bitcoin’s total supply impact the market?
The size of MicroStrategy’s holdings makes it the world’s largest corporate Bitcoin holder, and its buying and selling decisions are regarded by the market as an important indicator of institutional sentiment. The record of weekly increase in holdings for nine consecutive weeks has also been interpreted by some investors as a statement of confidence in the long-term prospects of Bitcoin by large institutions.
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