Strategy, the largest corporate holder of Bitcoin, has slipped back into the red as BTC fell below the company’s average acquisition cost. Based on the figures in the source material, the firm holds 713,502 BTC at an average cost of $76,052 per coin. Using a spot price of $72,589, its unrealized loss now stands at roughly $2.46 billion.
The report said Bitcoin dropped to $71,877 earlier in the day, marking a fresh recent low. That move pushed Strategy into a paper loss for the first time since October 2023. For a company closely identified with an aggressive Bitcoin accumulation strategy, the break below cost basis has put renewed attention on balance-sheet pressure and market risk.
$2.25 Billion Cash Reserve Limits Immediate Pressure
Even with the position underwater, the company is not described as facing forced selling in the near term. The source said Strategy still holds $2.25 billion in cash reserves. Analysts cited in the report said that buffer reduces the immediate risk of passive liquidation or margin calls, meaning the firm is not yet in a position where it would need to sell Bitcoin to meet debt obligations.
Still, other strains are building. The article noted that Strategy��s stock has corrected by about 66% from its peak over the past six months, and its one-year performance has lagged the S&P 500. That does not by itself signal a liquidity event, but it does sharpen market focus on the company’s financing capacity if Bitcoin remains volatile for an extended period.
Buying Continued During the Pullback
Strategy has not changed its buy-the-dip approach. According to the source, the company bought another 855 BTC between January 26 and February 1, 2026, spending about $75.3 million at an average purchase price of $87,974. That latest tranche is also under water at current market levels.
The report added that Strategy has repeatedly added to its position during major drawdowns in prior cycles. It also pointed to broader pressures still being absorbed by the market, including geopolitical concerns, changes involving the Federal Reserve, and a stronger yen. For now, the unrealized loss is clear, but the company’s core accumulation stance has not changed.