Strategy (MSTR) is sitting on one of the largest unrealized losses in the company’s history, and it’s bigger than some of crypto’s most prominent projects.
The software-turned-bitcoin-treasury company has about 844,000 BTC, acquired at an average price near $75,600, according to data source BitcoinTreasuries.net. With BTC trading near $60,000 at the time of writing, the mark-to-market hit exceeds $13 billion, which under fair value accounting rules flows directly through the income statement, generating headline-grabbing quarterly losses.
To put that number in perspective: The strategy’s paper losses now exceed the total market capitalization of dogecoin (around $11.5-12.7 billion), a long-running memecoin project and behind Hyperliquid’s HYPE token, which hovers around $18 billion. HYPE is the ninth largest digital asset globally and a top choice for many analysts and funds. They point to significant upside potential as the decentralized platform has emerged as the marketplace of choice for trading not only cryptocurrencies, but also assets linked to traditional finance.
The strategy’s paper losses are also greater than the market caps of countless other DeFi, privacy, oracle projects such as Monero, Cardano, Chainlink, Bitcoin Cash, Litecoin, BlackRock’s BUIDL, Uniswap, Near Protocol, Aster and others.
