Bitcoin Falls Below Strategy's Average Purchase Price of $75,451, Leaving Its 849,327 Coins Underwater

Published November 9, 2026, 5:07 AM PKT. Based on reporting from BBX (primary source), FinanceFeeds, Startup Fortune and Trefis, plus Strategy's November 2, 2026 Form 8-K and live Binance market data.

Bitcoin ($BTC) fell below the average price Strategy paid for its coins on November 8, 2026, leaving the largest corporate Bitcoin ($BTC) treasury in the world underwater on paper. The coin traded at $74,863 on Coinbase on November 8, below Strategy's average purchase price of $75,451, according to BBX, and live Binance data showed it at $74,660 in the early hours of November 9, down 1.53 percent over 24 hours with an intraday low of $73,510.

Strategy, the software company formerly called MicroStrategy, held 849,327 Bitcoin ($BTC) as of November 2, bought for an aggregate $64.08 billion, according to the Form 8-K it filed that day. At $74,660, the position is worth about $63.41 billion, roughly $672 million less than the company paid for it. At the $74,863 price BBX cited, the paper loss was about $500 million.

The $75,451 line

The $75,451 figure is the average across every coin Strategy has bought since it began accumulating Bitcoin ($BTC) in 2020, including fees and expenses, as disclosed in its November 2 filing. The average ticked up from $75,446 in the prior week's filing, which covered 848,517 coins bought for $64.02 billion, because the newest purchase came in above the old average. Strategy bought 811 coins between October 26 and November 1 for $65.5 million, an average of $80,846 each, and that tranche alone pushed the companywide average up by about $5.

The line has been closing in for days. On November 1, with Bitcoin ($BTC) at about $77,567, the position sat roughly $1.8 billion above cost. On November 4, an overnight slide to $75,653 left a cushion of only $171.6 million, about 0.27 percent of the position, according to FinanceFeeds. By November 7, with the coin near $75,955, the cushion was about $430 million, according to Startup Fortune. Sunday's drop took it through zero.

From a $1.8 billion cushion to underwater in a week

The slide is part of a broader week of selling. United States spot Bitcoin ($BTC) funds recorded about $1.28 billion in net outflows in the trading week of November 2 to 6, their second straight week of redemptions and the heaviest since late June, with BlackRock's IBIT accounting for about $403 million of Friday's $411.9 million in outflows. Bitcoin ($BTC) is down about 9 percent over 30 days and about 40 percent below its all-time high near $126,080.

Strategy's own stock has felt the same pressure. MSTR closed at $129.30 on November 6, down from $141.09 two days earlier, according to FinanceFeeds. The company's Bitcoin ($BTC) yield, its measure of coins per share, was negative 3.7 percent year to date through October 25.

The newest coins are the deepest underwater

The 811 coins Strategy bought in the last week of October are the worst off. Bought at $80,846 each, they are about $6,186 underwater apiece at $74,660, a paper loss of about $5 million on that tranche. Strategy funded the purchase by selling 1,178,552 MSTR shares for $164.0 million net, of which $65.5 million went into Bitcoin ($BTC) and $98.5 million into dollar cash, according to FinanceFeeds.

Strategy has sold coins before, and below its average cost. In the summer it sold 1,638 Bitcoin ($BTC) at an average of $63,957, raising $104.7 million, according to Cointelegraph as cited by Startup Fortune. FinanceFeeds tallies the company's 2026 Bitcoin ($BTC) sales at $431.8 million so far. In June, the company authorized a Bitcoin ($BTC) Monetization Program of up to $1.25 billion and built a $2.55 billion dollar reserve to cover dividends and interest, while saying the program does not oblige it to sell anything.

No forced sale, but the pressure changes

Crossing the average cost triggers no forced sale. Nothing in Strategy's disclosed capital framework says the price alone forces the company to sell, there is no margin call on the coins themselves, and no covenant turns on the price of Bitcoin ($BTC), according to FinanceFeeds. Strategy now measures its Bitcoin ($BTC) at fair value, so changes in the market price flow through reported earnings as they happen rather than producing a single accounting event at the $75,451 level.

What changes is the room to maneuver. Strategy pays dividends on its preferred shares, including the STRC series, and it has been defending that security near its $100 par value with buybacks. In the week to November 1 it spent $208.2 million buying back 2,092,035 STRC shares at $99.52, more than three times what it spent on Bitcoin ($BTC) that week, and the buybacks outran the cash raised from selling common stock by about $109.7 million, according to FinanceFeeds. With the Bitcoin ($BTC) position now below cost, selling coins to fund those payments would lock in a realized loss on every coin sold.

The market's valuation of the company has already slipped below the value of the coins it owns. The enterprise multiple known as mNAV, which compares the company's market value with its Bitcoin ($BTC) holdings, stood at about 1.10 to 1.14 around the weekend of November 1, according to FinanceFeeds and mNAV.com, and it first dipped below 1 in late June, according to CoinDesk as cited by Startup Fortune.

The Monday filing and Tuesday's CPI

Two dates come next. Strategy discloses its purchases and sales weekly, and the filing due Monday, November 9, will cover November 2 to 8, showing whether the company bought, sold or stood still while the price crossed its average cost. The October consumer price index report, due Tuesday, November 10, is the week's main event for the wider market, and traders have been watching it as the next catalyst after a week in which the price held the $75,000 area for a fifth day and then gave it up.

The break below $75,451 does not by itself decide anything about Strategy's strategy. It does put a number on how far the slide has gone: the world's biggest corporate Bitcoin ($BTC) buyer is now holding its coins at a loss, and the next filing will show what it did about it.

Sources

• BBX, Bitcoin Falls Below Strategy's Average Purchase Price, Holding Losses Approximately $500 Million, November 8, 2026 (primary source: Bitcoin fell below Strategy's $75,451 average purchase price on November 8; Coinbase price $74,863; 849,327 BTC held as of November 1 at a cost of $64.08 billion)
• Strategy, Form 8-K, November 2, 2026 (primary source: 849,327 Bitcoin ($BTC) held, aggregate purchase price $64.08 billion, average purchase price $75,451 per coin)
• FinanceFeeds, MSTR Climbs 4% as Bitcoin Low Tests Strategy's Cost Basis, November 4, 2026 (secondary reporting: November 4 low of $75,653 left a $171.6 million cushion; 811 BTC bought October 26 to November 1 at $80,846; STRC buybacks of $208.2 million; next weekly 8-K due November 9)
• FinanceFeeds, MSTR Stock: Bitcoin Sits 3% Above Strategy's $75,446 Average Cost After $432 Million of 2026 Sales, November 2026 (secondary reporting: 848,517 BTC at $75,446 average cost as of October 25; $1.8 billion cushion at $77,567; no forced sale or covenant tied to the price; BTC Yield negative 3.7 percent year to date; MSTR closed $129.30 on November 6)
• Startup Fortune, Strategy's 849,327 bitcoin are worth barely more than Saylor paid for them, November 7, 2026 (secondary reporting: about $430 million cushion at $75,955; 2026 sales of $431.8 million; summer sale of 1,638 BTC at $63,957; mNAV about 1.10 to 1.14 around November 1, below 1 in late June; $1.25 billion Bitcoin Monetization Program and $2.55 billion dollar reserve)
• Trefis, MSTR Stock's Real Risk: Bitcoin Below $75,446, November 2, 2026 (secondary reporting: market value about 84 percent of Bitcoin holdings; no margin call on the coins; a 20 percent drop would put holdings about $12 billion below cost)
• Binance public market data, accessed November 9, 2026 (live data: BTCUSDT $74,660.25, down 1.53 percent over 24 hours, intraday low $73,510, high $76,200)

This article is news reporting and is not investment advice.