As Bitcoin Fell, a Billion-Dollar Gap Emerged at Michael Saylor’s Company—What Are the Costs Per BTC?

The weekend drop in Bitcoin has brought back into the spotlight the massive $BTC portfolio of Strategy, founded by Michael Saylor. According to Lookonchain’s calculations today, with Bitcoin around $67,400, the market value of the company’s 850,364 $BTC was approximately $57.31 billion. This means the difference between the portfolio’s value and the total purchase cost reported by the company is approximately $6.85 billion.

In its 8K filing published on November 9th, Strategy stated that its average cost per Bitcoin was $75,456, and its total acquisition cost was $64.16 billion. The document also indicated that the most recent purchase was 1,036 $BTC, with an average price of $79,012 for that lot. The company reported that it financed that purchase with net proceeds from the sale of common shares.

The difference today stems from the revaluation of the Bitcoin held at the current price. In a portfolio of this size, every $1,000 movement in the Bitcoin price changes the total value of the assets by approximately $850 million. The average cost announced by the company, $75,456, also serves as a reference level for returning the portfolio to its purchase cost.

*This is not investment advice.