Strategy Books $14.5 Billion Unrealized Loss on BTC as mNAV Hits 0.99
MSTR•Strategy’s 847,363-BTC holdings purchased at $75,651 apiece ($64.1 billion) triggered a $14.46 billion unrealized loss and $12.54 billion net loss after BTC fell below $60,000. Its market-to-NAV ratio slid to 0.99, leaving only 9.8 months of cash coverage against $1.71 billion in annual dividends.
1. Bitcoin Position and Losses
Strategy holds 847,363 BTC acquired for a total of $64.1 billion at an average cost of $75,651 per coin. With Bitcoin sliding below $60,000, the company recorded a $14.46 billion unrealized loss and reported a $12.54 billion net loss for early 2026, equivalent to $38.25 per diluted share.
2. NAV and Shareholder Impact
The market-to-net-asset-value ratio fell to 0.99 as the share price dropped below the value of its Bitcoin holdings, making equity raises dilutive. Each $1 billion of new stock issuance would shrink existing shareholders’ claim by roughly $310 million in value.
3. Dividend Coverage and Financing Risks
Strategy has $1.4 billion in cash against $1.71 billion in annual dividend obligations, providing only 9.8 months of coverage. Coupled with $6.75 billion of debt at 11% net leverage and $15.5 billion in preferred securities, refinancing and cash flow pressures are intensifying.
4. Sector and Index Considerations
Other corporate Bitcoin treasury firms have seen steeper share declines as premiums evaporated. Proposed index rules targeting companies whose digital assets exceed half of total assets could force passive funds to divest, adding downward pressure on peer valuations.
