Strategy (MSTR) is sitting on one of the largest unrealized losses in company history and it’s bigger than some of crypto’s biggest projects.
The software company turned Bitcoin treasury holds around 844,000 BTC, acquired at an average price near $75,600, according to data source BitcoinTreasuries.net. With BTC trading at nearly $60,000 at the time of writing, the mark-to-market result exceeds $13 billion, which under fair value accounting rules flows straight through the income statement, generating headline-grabbing quarterly losses.
To put that number in perspective: Strategy’s paper loss now exceeds the total market capitalization of dogecoin (around $11.5 billion to $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 in the world and a top choice for many analysts and funds. They point to substantial upside potential as the decentralized platform has become the preferred market for trading not only cryptocurrencies, but also assets linked to traditional finance.
Strategy’s paper loss is also larger than the market caps of countless other DeFi, privacy and Oracle projects such as Monero, Cardano, Chainlink, Bitcoin Cash, Litecoin, BlackRock’s BUIDL, Uniswap, Near Protocol, Aster and others.
