The company **Strategy (MSTR)**, led by Michael Saylor and recognized as the largest public corporate holder of Bitcoin in the world, faces a challenging financial scenario with increasing unrealized losses in cryptocurrencies.

1. Situation of Bitcoin Holdings

* **Volume and Cost:** The Strategy currently holds **713.502 BTC** [2]. The average acquisition price of these units is **US$ 76.052**

*Unrealized Loss:** With Bitcoin trading close to US$ 67,000, the company reports a loss of approximately **US$ 6.5 billion**, which represents a decrease of about 12% compared to its average purchase cost.

2. Stock Performance (MSTR)

*Sharp Declines:** Strategy's shares experienced a drop of **13%** in a single day, marking the largest daily decline in nearly a year.

*Historical Context:** The stock has accumulated a depreciation of **66% for the year** and is about 80% below its all-time high, reached in November 2024.

*Premium on the Asset (mNAV):** Despite the depreciation, the shares are still trading at a **modest premium** (mNAV of 1.09) relative to the value of Bitcoin on the balance sheet. This allows Michael Saylor to continue issuing shares to buy more Bitcoin without necessarily diluting current shareholders.

3. Financial Instruments and Dividends

**STRC:** The company's perpetual preferred equity instrument is trading at **US$ 95**, below its nominal value of US$ 100.

*Cost Risk:** If the STRC does not recover its face value by the end of the month, the dividend rate should rise to **11.5%** (an increase of 25 basis points) [4].

*Market Comparison:** Other companies in the sector, such as Strive (ASST), are facing similar situations, with their preferred shares (SATA) operating in decline and also at risk of increased dividends.

4. Market Expectations

Strategy is expected to release its **fourth quarter** results soon. While no major surprises in operational numbers are anticipated, investors are attentive to possible statements from Michael Saylor to calm the current market panic.