Strategy’s 847K BTC Stack Sits $11B Underwater at $75.6K Cost Basis

Strategy’s Bitcoin treasury now holds 847,363 BTC at an average entry price of $75,653 per coin, putting the position roughly 17.18% underwater — an unrealized loss of approximately $11.01 billion, according to investor-relations disclosures cited by Coinotag. The stack’s current market value is put at $53.09 billion against a total acquisition cost of $64.11 billion.

The gap widened as Bitcoin traded near $63,328 at last check, per Coinotag’s live desk data, down 0.56% on the day with 24-hour volume of $10.46 billion. Open interest sat at $12.44 billion, with 61.7% of positioned traders long versus 38.3% short and funding at +0.0035%, favoring longs.

Buying continued through the drawdown

Recent purchase records show Strategy adding 520 BTC on June 22 at $67,068 and 1,587 BTC on June 15 at $63,024, according to the disclosures. The cadence points to a disciplined accumulation approach even as the average cost basis climbs above spot, a pattern that has defined the firm’s treasury model under Michael Saylor since inception.

Saylor’s recent characterization of Bitcoin as “digital energy” has historically preceded formal purchase announcements, Coinotag notes, leaving the market watching for a fresh disclosure. His public targets remain unchanged: $150,000 by year-end and $1 million within four to eight years.

Financing architecture is the structural risk

The scale of the position is precisely what draws analyst scrutiny. Strategy’s funding stack — convertible notes, preferred equity and at-the-market share issuance used to finance Bitcoin purchases — creates a scenario where the same entity that set the pace for corporate accumulation could theoretically flip into a forced seller under adverse conditions.

A credit squeeze or a heavier dilution burden could, in theory, push Strategy from net buyer to net seller. Given the size of the holding, analysts describe this as a tail risk that shouldn’t be dismissed, even as it remains a low-probability scenario for now.

Market backdrop: a rough first half

The unrealized loss sits against one of Bitcoin’s more painful stretches in recent years. June closed down 20.5%, the worst monthly performance for that month in four years, and four of the first six months of 2026 finished in the red.

Bitcoin had reached above $82,000 in mid-May before reversing under $70,000 and briefly dipping below $60,000 for the first time since before the 2024 U.S. election — a roughly $25,000 pullback within weeks. On the daily chart, RSI printed a bullish divergence near the June lows, a pattern that typically signals seller exhaustion, while a falling wedge on the four-hour chart points to a resistance cluster at $65,000–$67,000. Coinotag’s scoring engine assigns 81/100 to the $63,753 resistance level.

Long-range forecasts remain split: Cardano founder Charles Hoskinson has floated a $250,000 scenario for 2026 citing constrained supply and institutional adoption, while aggregated models point to a far narrower $48,000–$150,000 range with a $100,000 midpoint. The next scheduled catalyst is the June FOMC minutes release on July 8, followed by U.S. June CPI data on July 14.

Read more: Bitcoin’s $63K Reclaim Hides a $110M Short Squeeze as Whales Stay Bearish