Strategy's Costly Bitcoin Milestone Raises Investor Concerns
Published on 02/25/2026 at 09:31 | Redaktion boerse-global.de
The corporate bitcoin accumulation strategy pursued by Strategy has reached a significant, yet costly, landmark. The company has executed its 100th bitcoin purchase since first entering the cryptocurrency market in 2020. This aggressive buying policy, championed by Executive Chairman Michael Saylor, is now under intense scrutiny as a substantial gap emerges between the firm's investment cost and the current market valuation of its holdings.
Mounting Unrealized Losses
Despite declining prices in the digital asset market, Strategy recently acquired an additional 592 bitcoins for approximately $40 million. This latest purchase brings its total holdings to a staggering 717,722 coins. However, the financial burden of this strategy is becoming increasingly apparent. The company's average purchase price now stands at about $76,000 per bitcoin.
With the cryptocurrency currently trading near the $63,000 level, Strategy is sitting on an unrealized loss estimated at $7 billion. This discrepancy exerts significant pressure on the firm's overall valuation. While Strategy's market capitalization is approximately $41.3 billion, the value of its bitcoin treasury on the balance sheet is overshadowed by debt and obligations linked to preferred shares, which consume the difference to its enterprise value.
Equity Under Pressure and Quarterly Loss
The fundamental strain is reflected clearly in the performance of Strategy's shares. The stock currently trades at €107.50, having lost nearly three-quarters of its value since its 52-week high. Recent quarterly figures have validated investor skepticism. For the fourth quarter of 2025, the company reported a net loss exceeding $12 billion, missing profit expectations by a wide margin.
Should investors sell immediately? Or is it worth buying Strategy?
The sustained pressure on the stock stems not only from the paper losses on its bitcoin portfolio but also from rising capital costs. In 2025, Strategy was the largest issuer of equity in the United States, using the proceeds to finance its bitcoin acquisitions. The expense of this funding strategy is climbing: the dividend rate on certain preferred shares recently increased to 11.25%, progressively limiting financial flexibility.
Future Tied to Bitcoin's Recovery
The announcement of the latest purchase coincides with the company's "Strategy World 2026" conference in Las Vegas. At this event, management faces the critical task of rebuilding investor confidence. Given the growing chasm between the average purchase price and market value, coupled with high leverage, the firm's future trajectory remains inextricably linked to a potential recovery in bitcoin's price.
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