Strategy’s 847,363 BTC Holdings Trigger $14.5B Loss, mNAV Dips Below 1
MSTR•Strategy’s 847,363 BTC position, acquired at an average $75,651 cost per coin for $64.1B, generated a $14.46B unrealized loss and $12.54B net loss in Q1 2026 under ASU 2023-08. With Bitcoin below $60,000, its mNAV fell to 0.99 and cash reserves cover under 10 months of $1.71B dividends.
1. Bitcoin Position and Cost Basis
As of June 22, Strategy holds 847,363 Bitcoin acquired for a total cost of $64.1 billion, representing an average price of $75,651 per coin, making it the largest corporate Bitcoin reserve.
2. Q1 2026 Paper Losses and Net Loss
Under FASB’s ASU 2023-08 fair-value accounting rule, the company marked its Bitcoin holdings to market in Q1 2026, booking a $14.46 billion unrealized loss that drove a $12.54 billion net loss, or $38.25 per diluted share.
3. mNAV Ratio and Market Valuation
The slump in Bitcoin prices below $60,000 pushed Strategy’s market-to-net-asset-value ratio to 0.99, the first time the metric has fallen below parity, reflecting investor reluctance to pay a premium over its underlying Bitcoin assets.
4. Cash Runway and Dividend Obligations
With Bitcoin reserves valued at around $50.7 billion, Strategy holds only $1.4 billion in USD cash against $1.71 billion in annual dividend obligations, leaving under 10 months of cash coverage unless additional Bitcoin sales or capital raises occur.
