Here’s How Much Michael Saylor’s Strategy Has Lost On Bitcoin

bitcoinistPublished on 2026-04-09Last updated on 2026-04-09

Abstract

Michael Saylor's company, Strategy (formerly MicroStrategy), has incurred massive losses on its multi-billion dollar Bitcoin bet. According to its Q1 2026 filing, the company's Bitcoin holdings lost over $14 billion in value during the quarter. Despite this, the firm continued its aggressive accumulation strategy, spending over $7 billion to purchase an additional 89,000 BTC. This brought its total expenditure on Bitcoin to over $57 billion. The company has since made further purchases, with its total spend now at $58.02 billion. However, with a cost basis of $75,644 per coin, its entire holdings remain underwater as long as the Bitcoin price stays below that level. The company's stock price has also fallen by more than 50% from its 2025 peak. Saylor has stated the company has no plans to sell and will continue to accumulate Bitcoin.

Strategy (formerly MicroStrategy) started buying Bitcoin back in 2020, kickstarted by founder and CEO at the time, Michael Saylor. What began as a small buying trend quickly exploded over the years, and now, the company has claimed the title of the public company with the largest Bitcoin holdings in the world. The company has now spent tens of billions of dollars buying Bitcoin, but with the price decline, the holdings have now moved into losses.

Strategy’s Bitcoin Bet Records Billions Of Dollars In Losses

Strategy recently filed its Form 8-K for the first quarter of the year 2026, and it showed major losses for the company and its Bitcoin strategy. According to the form, the company’s Bitcoin holdings were down over $14 billion in Q1 alone, reflecting the decline that the btc price has suffered during this time.

Despite the Bitcoin price and its holdings moving underwater, Strategy had continued to purchase Bitcoin. Throughout the first quarter of the year, the company made a total of 12 different BTC purchases, with the lowest being a $40 million haul.

By the time the company was done in Q1, it had spent over $7 billion buying BTC in three months, adding more than 89,000 BTC to its already massive stash. This brought the total spend that the company has made over the years buying BTC to over $57 billion.

Despite the filing showing billions of dollars in losses, the company is right back to buying Bitcoin again. On April 6, the company reported another purchase of 4,871 BTC at an average price of $67,718. This cost the compass $329.9 million, bringing its total BTC spend so far to $58.02 billion.

The Bitcoin price has since rebounded from its Q1 lows and is trending high again, but the company is still underwater. Its current cost basis sits at $75,644 per coin, so as long as the BTC price stays below this level, then the company’s BTC holdings remain underwater.

As for the company’s stock price, it has followed the downward trajectory of Bitcoin. The MSTR stock price is sitting round $163 at the time of this report, down by more than 50% from its 2025 peak above $400. As for its BTC holdings, Saylor has previously said that the company has no plans to sell its BTC, and in fact will keep accumulating BTC for the foreseeable future.

BTC price begins reversal trend | Source: BTCUSD on Tradingview.com

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