Michael Saylor Loses $47 Billion Unrealized Profit As Bitcoin Dumps Below Strategy’s Cost Basis
Strategy (NASDAQ:MSTR) is now $630 million underwater on its Bitcoin (CRYPTO: BTC) holdings, wiping out $47 billion in unrealized profits from just four months ago as Bitcoin plunged below the company’s $76,037 average cost basis.
The Profit Wipeout
Bitcoin fell 15% in the first four days of February, pushing Strategy’s position underwater for the first time since the company began accumulating in August 2020.
The company is down on its total Bitcoin holdings as long as the price stays below $76,000, despite BTC still being up 550% since Michael Saylor’s first purchase.
Strategy purchased heavily near Bitcoin’s October peak, leaving the company exposed when prices collapsed.
Saylor posted “The Rules of Bitcoin: 1. Buy Bitcoin 2. Don’t Sell the Bitcoin” on Tuesday, doubling down on his strategy despite the massive profit wipeout.
Peter Schiff’s Attack
Gold bug Peter Schiff argued Strategy’s buying drove Bitcoin’s 550% rise, but now that the company can’t keep buying …
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