Strategy, the corporate bitcoin holder led by Michael Saylor, now sits on a paper loss of roughly $9.7 billion as bitcoin trades near $64,000, well below the firm's average acquisition cost. The company holds 843,775 BTC purchased at an average price of $75,476, meaning its aggressive accumulation strategy is currently underwater. Following a reported $216 million bitcoin sale, Saylor shared a cryptic Strategy chart on social media, commenting that the "orange dots tell only part of the story"—a nod to the visual markers typically representing the firm's purchases over time. The message appeared aimed at reassuring investors amid the decline, though it offered little concrete detail. Strategy's fortunes remain closely tied to bitcoin's price, and the current shortfall highlights the risks of its debt-financed treasury approach as the market trades below key cost levels.
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