{"id":76672,"date":"2026-08-11T15:41:09","date_gmt":"2026-08-11T15:41:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/saylors-strategy-racks-up-102m-in-bitcoin-losses-per-cryptoquant\/"},"modified":"2026-08-11T15:41:09","modified_gmt":"2026-08-11T15:41:09","slug":"saylors-strategy-racks-up-102m-in-bitcoin-losses-per-cryptoquant","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/saylors-strategy-racks-up-102m-in-bitcoin-losses-per-cryptoquant\/","title":{"rendered":"Saylor&#8217;s Strategy Racks up $102M in Bitcoin Losses, per Cryptoquant"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Cryptoquant analysts estimate Strategy\u2019s cumulative realized losses from 2026 bitcoin sales have topped $102 million.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The company still holds roughly 840,000 BTC, with unrealized losses near $10.6 billion.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Strategy\u2019s preferred-stock dividend obligations have nearly quadrupled to $1.2 billion annually.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>A Pattern of Selling Below Cost<\/h2>\n<p>Strategy has sold bitcoin at least four times over the last couple of years, breaking a roughly four-year streak of pure accumulation under Executive Chairman Michael Saylor\u2019s \u201cnever sell a single satoshi\u201d mantra. The first sale offloaded <a href=\"https:\/\/news.bitcoin.com\/strategy-sells-3588-bitcoin-for-216-million-to-cover-dividend-payments\/\">3,588 BTC for $218.4 million<\/a> to fund preferred-stock dividends. The most recent disclosed sale, covering the week ended August 9, <a href=\"https:\/\/news.bitcoin.com\/market-updates\/bitcoin-drops-below-64000-as-strategy-sells-1690-btc\/\">saw the company sell 1,690 bitcoin<\/a> for $108.6 million, an average of roughly $64,262 per coin, well below its overall cost basis near $75,400.<\/p>\n<figure id=\"attachment_838685\" aria-describedby=\"caption-attachment-838685\" style=\"width:1265px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-838685\" class=\"wp-caption-text\">Image source: X<\/figcaption><\/figure>\n<p>Each sale landed below what Strategy originally paid, and Cryptoquant\u2019s tally puts the cumulative realized losses from this year\u2019s monetization program at more than $102 million. The board has authorized up to $1.25 billion in total sales under the program, meaning the company has room to keep selling if it chooses to.<\/p>\n<p>That said, the company has also continued buying in parallel, adding smaller amounts which analysts have read as an attempt to keep the accumulation narrative alive while quietly managing liquidity.<\/p>\n<h2>Why Strategy Is Selling at All<\/h2>\n<p>The sales are not a response to a cash emergency, according to <a href=\"https:\/\/www.strategy.com\/press\/strategy-increases-usd-reserve-by-650m-to-4-point-65b-and-repurchases-109m-of-strc_08-10-2026\" target=\"_blank\" rel=\"noopener noreferrer\">Strategy\u2019s own disclosures<\/a>, but a deliberate capital-management choice. With the stock trading at a net asset value multiple below 1, issuing new shares to raise cash has become less attractive than monetizing a portion of the bitcoin treasury instead. Proceeds from the recent sale went toward funding dividends on STRC, the company\u2019s variable-rate preferred stock, and toward repurchasing STRC shares directly.<\/p>\n<p>The dividend math is a big part of the pressure. Cryptoquant estimates Strategy\u2019s annual preferred-stock dividend obligations <a href=\"https:\/\/news.bitcoin.com\/strategy-cryptoquant-strc-dividend-coverage-2026\/\">have nearly quadrupled to $1.2 billion<\/a> as the company has issued more preferred equity to fund its bitcoin buying, cutting dividend coverage from more than seven years down to roughly 14 months at current cash levels. Restoring even a 24-month cushion would require an estimated $2.8 billion in reserves, nearly double what the company holds today.<\/p>\n<h2>The Bigger Unrealized Picture<\/h2>\n<p>Cryptoquant estimates the company is sitting on roughly <a href=\"https:\/\/cryptoquant.com\/insights\/research\/6a3abc1e7a878621f52753a5-23-June-2026-Overstretched-Strategy-Needs-To-Stop-Buying-Bitcoin-Rebuild-Its-Cas\" target=\"_blank\" rel=\"noopener noreferrer\">$10.6 billion in unrealized losses<\/a> across all bitcoin purchased between 2024 and 2026, since bitcoin\u2019s price has spent much of the year below Strategy\u2019s blended average cost basis of about $75,400 per coin. Bitcoin.com News reported in July that the company <a href=\"https:\/\/news.bitcoin.com\/featured\/strategy-bitcoin-holdings-843775-btc-q2-2026\/\">swung from a $14 billion profit<\/a> to an $8.22 billion net loss in its second-quarter results, driven almost entirely by fair-value markdowns on its treasury rather than actual sales.<\/p>\n<p>That accounting swing does not force Strategy\u2019s hand the way a realized cash shortfall would, but it has drawn fresh scrutiny to a strategy built almost entirely around one asset\u2019s price staying above cost.<\/p>\n<h2>What Investors Are Watching<\/h2>\n<p>Strategy\u2019s stock is <a href=\"https:\/\/finance.yahoo.com\/markets\/crypto\/articles\/bitcoin-news-today-mstr-8-124039801.html\" target=\"_blank\" rel=\"noopener noreferrer\">down nearly 40%<\/a> this year, trading in the low-to-mid $90s, far off its highs from when bitcoin traded above its cost basis. With three sales already on the books this year and $1.25 billion in board-authorized capacity still available, traders are broadly positioned for the monetization program to continue rather than pause.<\/p>\n<p>Saylor has continued to posture the sales as balance-sheet management rather than a change in conviction, and the <a href=\"https:\/\/news.bitcoin.com\/strategy-grabs-520-more-bitcoin-for-35m-despite-sitting-nearly-10b-underwater\/\">company added 520 BTC<\/a> for roughly $35 million in a separate purchase even as it sold from other positions. Whether the firm can keep funding its dividend obligations without deeper cuts into its treasury will depend heavily on where bitcoin\u2019s price sits when the next disclosure comes due.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/finance\/strategy-cryptoquant-bitcoin-losses-102-million\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Cryptoquant analysts estimate Strategy\u2019s cumulative realized losses from 2026 bitcoin sales have topped $102 million. The company still holds roughly 840,000 BTC, with unrealized losses near $10.6 billion. Strategy\u2019s preferred-stock dividend obligations have nearly quadrupled to $1.2 billion annually. A Pattern of Selling Below Cost Strategy [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":76673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76672"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=76672"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/76673"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=76672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=76672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=76672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}