MicroStrategy holds 847,363 BTC, bought for $64.1B at $75,651 apiece and now valued at $50.7B, resulting in a $14.5B unrealized loss. Its market-to-net-asset-value ratio fell to 0.99 with $1.4B cash against $1.71B in annual dividend obligations, covering under ten months.
MicroStrategy holds 847,363 BTC acquired at an average cost of $75,651 each, totaling $64.1B. The 2026 quarterly fair value adjustment revalued these holdings at $50.7B, generating a $14.46B unrealized loss and a $12.54B net loss ( $38.25 per diluted share).
The company’s market-to-net-asset-value ratio declined to 0.99 for the first time, erasing the premium that underpinned its equity issuance model and signaling that new share sales will be more dilutive without a price premium.
With only $1.4B in cash and $1.71B in annual dividend obligations, MicroStrategy has under ten months of coverage before it must deploy additional liquidity or liquidate assets to meet distributions.
Analysts project that selling $3B or more in Bitcoin could extend the cash runway, while any increase in the STRC dividend would heighten cash pressure and could force further share issuances, diluting existing shareholders.
Finance
Finance
Finance
