Strategy (MSTR) disclosed an unrealized loss of more than $13 billion on its Bitcoin holdings as of June 26, 2026, after the price of Bitcoin fell to about $60,000. The software company holds approximately 844,000 BTC, which it purchased at an average price near $75,600, according to BitcoinTreasuries.net. With Bitcoin trading near $60,000, the mark‑to‑market loss exceeds $13 billion, as reported in the firm’s quarterly results. The loss is larger than Dogecoin’s market capitalization, which ranged from $11.5 billion to $12.7 billion, and lower than Hyperliquid’s HYPE token market cap of about $18 billion. It also exceeds the market caps of several other digital assets, including Monero, Cardano, Chainlink, Bitcoin Cash, Litecoin, BlackRock’s BUIDL, Uniswap, Near Protocol and Aster. Since 2020, Strategy has raised capital to increase its Bitcoin holdings, turning the firm into a leveraged exposure to the cryptocurrency. Supporters contend that the unrealized loss is temporary and that the position may yield potential gains if Bitcoin’s price bottoms and a new bullish cycle begins. Critics note that such concentration reduces diversification and exposes the firm to volatility. The scale of the paper loss underscores the risk of concentrating corporate capital in a single volatile asset and leaves the future path of Strategy’s Bitcoin position unresolved.