Bitcoin fell sharply over the past week it fell almost 15%, falling below the $100,000 and $95,000 levels to trade around $90,300 on Wednesday.
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According to company information, Michael Saylor’s Strategy bought another 8,178 BTC for $835.6 million during the recession for about $102,171 each. That move has attracted new attention because some of those newest coins are already underwater.
Strategy’s holdings and recent purchases
Reports have revealed that Strategy now holds 649,870 BTC, equivalent to approximately 3.2% of the circulating supply. The company says it paid approximately $48 billion for these coins. At current prices, the company’s market value is almost $59.38 billion, giving a total paper profit of 22% or about $11 billion.
Strategy acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and achieved a BTC return of 27.8% YTD 2025. On 11/16/2025 we had raised 649,870. $BTC purchased for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9
— Michael Saylor (@saylor) November 17, 2025
Still from CryptoQuant breakdown notes that approximately 40% of Strategy’s stock is now showing unrealized losses, due to the company’s recent buying activity pushing newer lots above the current market price.
The latest purchase of 8,178 BTC is already down about 10.5%, costing the company about $88 million on paper in just a few days.
Reports also indicate that Strategy made three separate purchases earlier this month: smaller blocks recorded on November 3 and 10, bringing the November total to 9,062 BTC for $931.1 million. At current market levels, these November tokens are worth approximately $827 million, down just over 11% since the purchases.
Saylor’s wallet turns red?
He announced the purchase of 8,178 BTC at an average price of $102,171, about 10% above the current market level.
This recent bitcoin move puts ~40% of Strategy’s 649,870 BTC holdings in the red, while only 60% are still making profits. pic.twitter.com/hii0BmV95P
— CryptoQuant.com (@cryptoquant_com) November 18, 2025
Short-term losses amid long-term gains
Although parts of the position are in the red, Strategy’s position remains positive over the longer term. The company’s overall profit ratio of 22% is well above the large losses it faced from mid-2022 to early 2023, when as many as 75% of its holdings showed losses and the portfolio fell about 33%, amounting to about $1.32 billion in paper losses at the time.
Early last month, Strategy had a peak win rate of almost 68%, with profits calculated at around $32 billion, showing how the swings on both sides can be large.
According to documents, Saylor views dips as opportunities to add coins, and this latest purchase fits that pattern. Not every market participant agrees with this.
A fraud?
Peter Schiff, a well-known gold investor, criticized Strategy’s rising average cost, which he said — at about $74,433 per BTC — has moved closer to market value and could limit gains if prices don’t recover.
Schiff said Sunday that Strategy Inc. focuses exclusively on Bitcoin “a fraud.” He also challenged Michael Saylor to a live debate during Binance Blockchain Week in Dubai in December.
Schiff argued that the company’s recent gains have mainly come from the rising Bitcoin price. He warned that if people lose confidence in Bitcoin, the company’s finances could be in trouble.
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What this means for investors
For outside observers, the conclusion is simple: Even the largest holders can lose some of their stock when markets fall.
Strategy’s newer purchases have reduced the company’s nice returns, but haven’t wiped out overall profits. Reports indicate that the company is still sitting on a significant paper profit.
The short-term results for those November purchases look bad. Long-term results will depend on future price movements.
Featured image of Gemini, chart from TradingView