MicroStrategy’s 847,363-BTC Holding Generates $14.5B Loss, NAV Ratio Hits 0.99
MSTR•MicroStrategy holds 847,363 BTC bought for $64.1 billion at an average $75,651 apiece, now marking a $14.5 billion unrealized loss after Bitcoin dipped below $60,000 and triggering a $12.54 billion net loss. Its market value ratio fell to 0.99, leaving just $1.4 billion cash against $1.71 billion in annual dividend obligations.
1. Company Bitcoin Position and Purchase History
Strategy holds 847,363 Bitcoin units acquired for $64.1 billion at an average cost of $75,651 each, constituting the largest corporate digital asset reserve globally.
2. Unrealized Loss and Impact on Earnings
A Bitcoin price slide below $60,000 triggered a quarterly fair-value adjustment under ASU 2023-08, recording a $14.46 billion unrealized loss and a $12.54 billion net loss, or $38.25 per diluted share, while its share price fell below the value of its BTC holdings.
3. mNAV Ratio Decline and Liquidity Concerns
The market-to-net asset value ratio dropped to 0.99 for the first time as the firm holds $1.4 billion in cash against $1.71 billion in annual dividend obligations—equating to roughly 9.8 months of coverage—alongside $6.75 billion of debt at 11% leverage and $15.5 billion in preferred securities, tightening its capital flexibility.
