MicroStrategy Sits Nearly $10B Underwater on Bitcoin as ETF Outflows Surge
STRC•MicroStrategy's 843,706 BTC stash, bought at an average cost of $75,702, is now valued at about $54 billion versus a $63.9 billion cost basis, leaving an unrealized $9.9 billion loss. The company sold 32 BTC—its first sale since 2022—after Bitcoin ETFs saw roughly $4 billion of outflows since May 14.
1. Bitcoin Portfolio Performance
MicroStrategy holds 843,706 Bitcoin with an average acquisition cost of $75,702 per coin. At the current Bitcoin price near $64,000, the holdings are worth approximately $54 billion, creating an unrealized loss of around $9.9 billion on the corporate treasury.
2. ETF Outflows and Coin Sale
Since May 14, Bitcoin ETFs have experienced outflows totaling about $4 billion, coinciding with a decline in Bitcoin’s market price. To meet preferred-stock dividend obligations, MicroStrategy sold 32 BTC—its first sale since 2022—highlighting the strain on its balance sheet.
3. AI Funding Impact
CEO Michael Saylor attributes the Bitcoin selloff to a capital rotation into AI infrastructure, estimating $400 billion deployed across data centers and chip projects over six months. He characterizes ETF redemptions as temporary repositioning rather than a structural flaw in Bitcoin.
