Strategy, a company that has built its identity around accumulating Bitcoin, is now sitting on paper losses – and buying more anyway.

The company’s average purchase price is around $75,985 per coin, which is significantly higher Bitcoin it is trading today at around $66,850.

This loophole has caused Strategy’s net asset value to fall below 1, meaning the stock is worth less than the Bitcoin it holds. This is a keen turnaround for a company that has long commanded a premium to its treasury.

Another round of shopping

Still, co-founder Michael Saylor sent the company’s Bitcoin accumulation chart at

Strategy’s most recent purchase occurred in the last week of February, when the company added 3,015 coins for over $200 million, bringing its total amount to 720,737 Bitcoins. At current prices, this cache is worth about $48 billion.

The second century begins. pic.twitter.com/stZzNhLgay

— Michael Saylor (@saylor) March 8, 2026

Debt and equity drive purchases

The company did not stop purchasing despite the significant market decline. The strategy continues to finance its purchases through debt and equity offerings – a model that works well when Bitcoin rises but requires greater scrutiny when prices fall.

With NAV below 1, some investors are gaining exposure to Bitcoin at a discount through the stock, a active that has rarely worked in Saylor’s favor before.

Data from SaylorTracker shows the depth of the current shortage. The company’s unrealized loss increases with each decline in the price of Bitcoin, yet the company shows no signs of changing course.

In previous statements, Saylor has made it clear that the strategy is not a short-term trade, but a long-term investment in Bitcoin as a reserve asset.

Pressure is building in the Bitcoin vault space

Strategist isn’t the only one feeling the pressure. According to reports, the broader Bitcoin treasury sector could consolidate in 2026, with cash-generating companies taking over companies that simply accumulate coins without generating revenue.

Wojciech Kaszycki, director of strategy at treasury firm BTCS, said companies trading below net asset value are under real pressure. When consolidating with another player, “sometimes two plus two equals six or more,” he said.

Saylor strayed from that path. He said mergers and acquisitions take too long and carry too much uncertainty, noting that deals that seem attractive at first can look very different six to nine months later.

Time will tell whether the next purchase will be confirmed. But if history is any guide, a chart post rarely appears without a follow-up.

Featured image from mybrokerone.comchart from TradingView