Michael Saylor's Bitcoin holdings face losses exceeding $900 million

The current status of Strategy Bitcoin

MicroStrategy (NASDAQ: MSTR), headed by executive chairman Michael Saylor, is currently carrying over $900 million in unrealized losses from its Bitcoin holdings in the Treasury after BTC fell below $75,000 during the sharp market correction that began in late January 2026.

According to the company's most recent public reports (Q4 2025 report updated with purchases in January 2026) and real-time on-chain valuation data from Arkham Intelligence and CoinGecko, MicroStrategy currently holds approximately 447,470 BTC purchased at an average price of around $62,400 per coin.

At the current Bitcoin trading price of $74,200–$74,900 (noon on February 3rd UTC), the portfolio is valued at approximately $33.2–$33.5 billion , resulting in an unrealized loss of approximately $910–$930 million — this marks the first time the company has incurred a capital loss on its BTC position since the 2022 bear market bottom.

The problem of excessive leverage.

It is important to distinguish accounting losses from solvency risk. The $900 million figure reflects unrealized losses at market value, not forced sales. Strategy has repeatedly stressed that it has no intention of selling Bitcoin and has restructured the majority of its debt with long-term maturities and no immediate margin requirements.

However, unrealized losses remain significant. They affect investor sentiment, stock valuations, and future access to capital, even if they don't lead to immediate liquidation.

Bitcoin's drop below $75,000 has sparked increased scrutiny of Strategy's leverage profile. While Saylor has consistently argued that the company's debt is manageable even in severe bear scenarios, critics note that access to capital markets is cyclical. If Bitcoin continues to decline while the stock market tightens, refinancing options could become more limited.

Saylor's long-term argument

Michael Saylor has consistently maintained that Bitcoin is a scarce, non-sovereign monetary asset suitable for holding for decades. From this perspective, price drops – even extreme ones – are anticipated and even necessary in the process of Bitcoin adoption.

Strategy's approach is built on the assumption that time, not moment, is the determining variable – and that long-term price appreciation of Bitcoin will outweigh short-term volatility.

Strategy's unrealized losses could impact how other companies approach Bitcoin. Companies considering BTC allocation may prioritize smaller, unleveraged positions, while regulators and investors demand greater transparency regarding risk scenarios.

Assessment and Conclusion

The approximately $900 million in unrealized losses from MicroStrategy's Bitcoin holdings are real — but it's not a crisis. The company's capital structure, lack of short-term debt maturing, and Saylor's unwavering public commitment to holding Bitcoin make forced liquidation extremely unlikely. This drop serves as a useful reminder that even the most robust Bitcoin strategies of companies are subject to market cycles. For long-term believers in the Bitcoin holdings argument, this is simply another buying opportunity — and MicroStrategy has shown it will continue to act on that belief.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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