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Strategy’s stock is trading below the value of its own Bitcoin holdings, an unusual position for a company that has built its identity around the cryptocurrency’s rise.
The Virginia-based firm added 17,994 BTC to its reserves last week, paying roughly $1.28 billion at an average of $70,946 per coin. The purchase marked the company’s 102nd Bitcoin acquisition and its 11th straight week of buying.
Strategy’s total Bitcoin stash is now valued at approximately $52.65 billion. However, the company’s market capitalization sits closer to $47 billion, highlighting a gap that investors are closely monitoring.
Chairman Michael Saylor posted on X on Thursday, framing the idea that investors should not expect Bitcoin to surge immediately after a large corporate purchase. He said gains typically show up later.
At the time of writing, Bitcoin was trading around $70,800. At that price, Strategy is positioned with approximately $3.35 billion in unrealized losses across its holdings.
Despite the drawdown, Saylor has continued to publicly defend Strategy’s approach. In a recent Fox Business interview, he described a scenario in which the company can continue paying dividends as long as Bitcoin appreciates at least 1.25% annually.
A chart referenced in the article shows BTCUSD trading at various levels and suggests that if prices remain flat for years, Strategy would have roughly eight decades to adjust its capital structure—an extended timeframe that the article notes is not typical for public companies.
Saylor’s longer-term view is also more ambitious. He has said he expects Bitcoin to grow around 30% per year over the next two decades, which he argues supports the company’s decision to keep buying through short-term volatility.
Some cryptocurrency analysts pointed to an uptick in the Coinbase Premium, a metric used to gauge spot demand among US-based buyers. Based on that view, if Bitcoin holds above $70,000, the next resistance level to watch is around $74,000 to $75,000.
The article notes that this range is close to the average price Strategy paid across all of its Bitcoin purchases. Whether Bitcoin reaches that level soon—or later, consistent with Saylor’s longer timeline—remains uncertain.
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