Bitcoin below $74,000: Strategy goes back into the red

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Michael Saylor's company paid its 850,364 bitcoins for $75,456 each on average. Just last week, she bought 1,036 at $79,012 per unit.

The price touched $73,700 at the start of the week, according to CoinGecko. As of mid-afternoon on Tuesday, it was still trading around $73,800 on Binance.

The decline continues a slide that began at the end of September, when Bitcoin flirted with $88,000. On November 4, it still exceeded $81,000 before outflows from American spot ETFs began to decline.

Over the course of the year, the shock remains contained. Since its October 6, 2025 record high above $126,000, Bitcoin has returned just over 40%. The real bottom was hit in June around $58,000, or 54% below the peak.

The previous two bear markets had been more brutal. They had erased 84% of the price in 2018 then 77% in 2022.

According to its purchase log updated on November 9, Strategy holds 850,364 BTC acquired for $64.16 billion. The average cost price is $75,456.

Below $74,000, the unrealized loss exceeds $1 billion. The scenario is not new. The treasury had already fallen into the red at the beginning of February, a first since the end of 2023, when Bitcoin plunged towards $60,000.

Investors especially monitor mNAV, the ratio between the group's enterprise value and that of its bitcoins. CoinGecko places it around 0.98. Under 1, each share issued to buy BTC dilutes shareholders instead of enriching them.

Strategy sold just over 2 million MSTR shares last week to finance its latest purchases. Michael Saylor has never hidden his line:

A forced sale remains unlikely. The group's debt is essentially convertible and does not include a margin call backed by bitcoins. In May, Strategy even bought back $1.5 billion in bonds maturing in 2029 in advance.

Machine-translated from French