Paper Loss

Strategy’s unrealized Bitcoin loss has swelled past $13 billion, a figure larger than the market caps of hundreds of crypto assets. The imbalance has renewed debate over concentration risk, corporate treasury strategy and the opportunity cost of holding a single asset.

CryptoQuant is warning that Strategy has stretched its balance sheet too far through aggressive bitcoin accumulation. The firm says cash coverage has thinned sharply, making a reset in reserves more urgent than fresh BTC purchases.