Bitcoin has tumbled over the past week, dropping nearly 15% and trading around $90,300 on Wednesday, below $100,000 and $95,000.
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According to company disclosures, Michael Saylor’s Strategy purchased an additional 8,178 BTC during the economic downturn for $835.6 million, or approximately $102,171 each. The move is attracting new attention as some of these latest coins have already gone underwater.
Strategy’s holdings and recent purchases
According to the report, Strategy currently holds 649,870 BTC, which is approximately 3.2% of the circulating supply. The company says it paid about $48 billion for these coins. At current prices, the holdings have a market value of nearly $59.38 billion, giving the paper a total gain of 22%, or about $11 billion.
Strategy acquired 8,178 BTC at approximately $102,171 per Bitcoin for approximately $835.6 million, achieving a 27.8% YTD BTC yield. As of November 16, 2025, it acquired $649,870 BTC at approximately $74,433 per Bitcoin for approximately $48.37 billion. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9
— Michael Saylor (@saylor) November 17, 2025
However, CryptoQuant’s breakdown reveals that around 40% of Strategy’s hidden assets are currently showing unrealized losses. This is a result of the company’s recent purchasing activity, which has resulted in new lots being priced higher than today’s market prices.
The latest purchase of 8,178 BTC has already fallen by about 10.5%, and the company has suffered a loss of about $88 million on paper in just a few days.
According to the report, Strategy made three separate purchases earlier this month. Smaller blocks were recorded on November 3rd and 10th, bringing the November total to 9,062 BTC, or $931.1 million. At current market levels, these November tokens are worth approximately $827 million, down just over 11% since their purchase.
Will Saylor’s portfolio turn red?
He announced the purchase of 8,178 BTC at an average price of $102,171, approximately 10% above the current market level.
This recent Bitcoin movement has put around 40% of Strategy’s 649,870 BTC in the red, with only 60% still in profit. pic.twitter.com/hii0BmV95P
— CryptoQuant.com (@cryptoquant_com) November 18, 2025
Short-term losses within long-term gains
Although some of the positions are in the red, Strategy’s long-term position remains positive. The company’s overall profit margin of 22% far exceeds the large losses the company faced from mid-2022 to early 2023. At the time, as many as 75% of its holdings lost money, and the portfolio was down about 33%, equating to paper losses of about $1.32 billion at the time.
Early last month, Strategy Inc.’s peak profit margin was nearly 68%, with profits calculated at about $32 billion, illustrating how volatile both sides are.
According to the filing, Saylor sees the decline as an opportunity to add more coins, and this buy fits into that pattern. Not all market participants agree.
scam?
Prominent gold investor Peter Schiff criticized the strategy’s rising average cost, saying it was close to market price at about $74,433 per Bitcoin, which could limit upside if prices don’t recover.
Schiff said on Sunday that Strategy’s sole focus on Bitcoin is a “fraud.” He also challenged Michael Saylor to a live debate at Binance Blockchain Week in Dubai this December.
Schiff claimed that the company’s recent gains were primarily due to the rise in Bitcoin prices. He warned that if people lose faith in Bitcoin, the company could find itself in financial trouble.
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What this means for investors
For an outside observer, the conclusion is easy. Even the largest holders may lose some of their inventory if the market declines.
Strategy’s new acquisitions reduced the company’s sizeable headline profits, but didn’t wipe out its overall profits. According to reports, the company still seems to have significant paper profits.
The short-term results of the November buys look bad. Long-term results depend on future price trends.
Featured images from Gemini, charts from TradingView
