Strategy (formerly MicroStrategy) faces an unrealized Bitcoin loss exceeding $11 billion. Founder and executive chairman Michael Saylor downplayed the slide, pointing to outflows from U.S. spot Bitcoin ETFs and heavy AI infrastructure spending as the key factors pressuring BTC.

Recently, spot Bitcoin ETFs have recorded sustained net outflows, while soaring capital allocation to AI infrastructure has absorbed institutional funds, limiting fresh inflows into crypto markets.
The paper loss is merely a mark-to-market decline; as long as Strategy holds its Bitcoin, no actual loss is realized. The company, the largest publicly traded corporate Bitcoin holder, adheres to a long-term holding strategy and typically does not fret over short-term volatility.

