Strategy’s 847,363 BTC Bet Yields $14.5B Loss, mNAV Falls to 0.99
MSTR•Strategy holds 847,363 BTC purchased for $64.1B at $75,651 apiece and booked a $14.46B mark-to-market loss that drove a $12.54B net loss in early 2026. Its market-to-NAV ratio fell to 0.99 as Bitcoin slid below $60,000 and cash covers just 9.8 months of dividends.
1. Bitcoin Holdings and Acquisition Costs
Strategy acquired 847,363 BTC by June 22, 2026, spending $64.1 billion at an average of $75,651 per coin. This represents the largest corporate Bitcoin reserve, financed through ongoing equity and debt issuances.
2. Mark-to-Market Losses and Accounting Impact
Under FASB’s ASU 2023-08, Strategy recorded a $14.46 billion unrealized quarterly loss as Bitcoin fell below $60,000, resulting in a $12.54 billion net loss and a $38.25 loss per diluted share in early 2026.
3. Market-to-NAV Ratio and Dividend Coverage
The company’s market-to-net asset value ratio slipped to 0.99, ending the premium that fueled its Bitcoin purchases. With $1.4 billion in cash against $1.71 billion of annual dividends, cash reserves now cover just 9.8 months of obligations.
4. Dilution Risk and Funding Model
At a 1.0x mNAV, each $1 billion of newly issued shares dilutes existing holders by about $310 million. This underscores the reliance on continued capital raises or potential Bitcoin sales to fund dividends and further purchases.
