Strategy Books $13 Billion Bitcoin Paper Loss as 844,000 BTC Bet Tops Dogecoin's Value
Updated
Updated · CoinDesk · Jun 26
Strategy Books $13 Billion Bitcoin Paper Loss as 844,000 BTC Bet Tops Dogecoin's Value
3 articles · Updated · CoinDesk · Jun 26
Summary
$13 billion in unrealized losses has piled up at Strategy as bitcoin trades near $60,000, far below the company's roughly $75,600 average purchase price.
The mark-to-market hit stems from Strategy's 844,000 BTC treasury and, under fair-value accounting, would flow through its income statement as large quarterly losses.
That paper loss now exceeds dogecoin's roughly $11.5 billion-$12.7 billion market value and also tops the valuations of tokens including Cardano, Chainlink, Monero and BlackRock's BUIDL.
Since 2020, Michael Saylor's company has raised capital to turn itself into a leveraged bitcoin proxy, concentrating corporate capital in a single volatile asset.
The scale of the loss sharpens debate over bitcoin-treasury strategies: backers call it temporary volatility, while critics see a warning on concentration risk and foregone business investment.
Facing a $13B loss, how does Strategy keep raising funds to buy more Bitcoin?
Is Strategy's crypto bet a historic blunder or a revolution in corporate finance?
Could one missed payment force Strategy to liquidate its entire Bitcoin treasury?
Inside Strategy’s Record Bitcoin Losses: How a $24 Billion Crypto Bet Shook Corporate Balance Sheets in 2026
Overview
As of June 2026, Strategy (formerly MicroStrategy) faces intense scrutiny for its bold decision to concentrate its balance sheet in Bitcoin, a move now seen as risky due to significant unrealized losses. While some companies like Hyperliquid Strategies have reported large gains, the gap between winners and losers in the corporate crypto treasury space has reached $24.3 billion. This highlights how choosing a single digital asset can lead to very different outcomes. The ongoing volatility and risks of this approach continue to shape Strategy’s financial story, underscoring the challenges of such a concentrated investment strategy.