Strategy’s unrealized loss on its bitcoin holdings has grown large enough to overshadow a long list of major crypto assets. Data from BitcoinTreasuries.net shows the company holds roughly 844,000 BTC, acquired at an average price near $75,600. With bitcoin trading around $60,000, the mark-to-market loss now stands at more than $13 billion.
This is not only a paper figure that sits quietly on a balance sheet. Under fair-value accounting, those changes run through the income statement, which can produce sharp quarterly losses and keep attention fixed on the company’s bitcoin exposure rather than its original software business.
The loss now exceeds the size of many crypto projects
The comparison is striking. Strategy’s paper loss is now larger than the full market capitalization of dogecoin, cited at roughly $11.5 billion to $12.7 billion, and trails only assets on a larger scale such as HYPE, which was described at around $18 billion. The report notes that HYPE is the ninth-largest digital asset globally and has become a favored pick for some analysts and funds.
The article also says Strategy’s unrealized loss is bigger than the market value of numerous other projects, including Monero, Cardano, Chainlink, Bitcoin Cash, Litecoin, BlackRock’s BUIDL, Uniswap, Near Protocol and Aster. In practical terms, one company’s leveraged bitcoin position has generated a paper drawdown larger than the entire valuation of many established crypto networks.
A concentrated bitcoin bet keeps drawing scrutiny
Since 2020, Strategy, led by Executive Chairman Michael Saylor, has aggressively raised capital to accumulate bitcoin and turned itself into what many view as a leveraged public-market proxy for BTC. Backers still treat the current losses as temporary volatility within a long-term digital-gold thesis, arguing that a future recovery in bitcoin could reverse the present mark-to-market damage.
Even so, the scale of the position has revived a familiar concern around concentration. The report frames it as a warning about risk piling up inside a single public company and about the opportunity cost of locking capital into a volatile asset rather than directing it toward operating businesses or a more diversified set of investments.