The world’s largest Bitcoin treasury now has only about 2% in unrealized gains left.
Strategy’s Q3 report: It holds 848,517 $BTC , acquired at a cost of $64.02 billion, for an average price of about $75,446. At $81,200 on October 23, the entire holding was worth $68.9 billion; today, with $BTC around $77,000, it’s only about 2% above cost.
The $20.91 billion in gains reported for Q3 is history—that was the gain on paper during Q3, not today. A treasury company’s income statement is a reflection of market prices: when the coin price moves, the financials move with it.
This doesn’t mean the company is about to run into trouble: the cost basis isn’t a liquidation price, so don’t confuse the two. But “the company made $20 billion” has never meant the coin price has a floor. Financial statements are a rearview mirror, not a guardrail.
If $BTC really falls below its cost basis, do you think the market will panic first or buy the dip?
#MarketAnalysis,#Strategy,#Bitcoin
Strategy’s Q3 report: It holds 848,517 $BTC , acquired at a cost of $64.02 billion, for an average price of about $75,446. At $81,200 on October 23, the entire holding was worth $68.9 billion; today, with $BTC around $77,000, it’s only about 2% above cost.
The $20.91 billion in gains reported for Q3 is history—that was the gain on paper during Q3, not today. A treasury company’s income statement is a reflection of market prices: when the coin price moves, the financials move with it.
This doesn’t mean the company is about to run into trouble: the cost basis isn’t a liquidation price, so don’t confuse the two. But “the company made $20 billion” has never meant the coin price has a floor. Financial statements are a rearview mirror, not a guardrail.
If $BTC really falls below its cost basis, do you think the market will panic first or buy the dip?
#MarketAnalysis,#Strategy,#Bitcoin