Saylor Signals More Bitcoin Buying as Strategy’s Paper Loss Hits $8.46 Billion

• Michael Saylor, chairman of Strategy, signaled the possibility of additional Bitcoin purchases despite the cryptocurrency’s sharp decline.
• Strategy’s Bitcoin holdings are worth about $55.7 billion, leaving the company with an unrealized loss of $8.46 billion versus its total purchase cost.
• Strategy is being removed from the MSCI U.S. Index, raising the possibility of selling of Strategy shares by funds that track the benchmark.

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Strategy Chairman Michael Saylor signaled the company could buy more Bitcoin even after the token’s sharp slide.

Bitcoin.com reported on Nov. 15 that Saylor shared a chart on X showing Strategy’s Bitcoin purchases and wrote, “This dip needs a little more orange.” The orange circles on the chart mark the company’s Bitcoin purchase points, and the market interpreted the post as a signal of additional buying.

Saylor has posted similar charts before later announcing actual Bitcoin purchases. Strategy bought 1,036 more Bitcoin for about $81.9 million between Nov. 2 and Nov. 8, bringing its total holdings to 850,364. On the same day, Strive CEO Matt Cole also expressed buying interest, writing, “Bitcoin is cheap. I want to buy more.”

Still, Bitcoin’s decline is widening Strategy’s unrealized loss. According to the chart Saylor shared, the company’s Bitcoin holdings were worth about $55.7 billion, or $8.46 billion less than the total purchase cost of $64.16 billion. Strategy said in a Nov. 9 filing that its average Bitcoin purchase price, including fees and other costs, was $75,456.

Strategy’s Bitcoin holdings account for about 4.05% of the token’s total supply cap of 21 million. Based on its holdings, every $1,000 move in Bitcoin changes the value of those assets by about $850 million. Bitcoin traded as low as $62,479 on Nov. 15 and was down 16.27% over the past week, according to Bitcoin.com.

Separately, Strategy is set to be removed from MSCI’s U.S. indexes. Under MSCI’s November index review, Strategy’s Class A common stock was included among 24 securities slated for deletion from the U.S. index. The change will take effect after the market closes on Nov. 30.

That has raised the possibility that funds tracking MSCI indexes could sell Strategy shares. Strategy previously said MSCI-linked funds held 13 million shares of its common stock, equal to about 3.1% of the shares it issued. With Bitcoin paper losses deepening and the index deletion approaching, attention is turning to the company’s stock price and fundraising conditions.

Suehyeon Lee