Why Bitcoin Below Strategy Holdings’ Price Matters Now: Saylor’s Discount
- Bitcoin trades below Strategy’s $76K realized price, spotlighting corporate cost pressure.
- Strategy holds 717,722 BTC, equal to roughly 3.4 percent of the total circulating supply.
- Firm deployed $22.4B in 2025, marking its largest annual Bitcoin accumulation to date.
Bitcoin is trading below the average price paid by its largest corporate holder, and that gap has placed fresh attention on Strategy Inc.’s balance sheet. The company, formerly known as MicroStrategy, has accumulated more than 717,000 coins since 2020 and has not sold any of them. Its estimated realized price stands near $76,000 per coin, while the market recently hovered around $63.4K.
That difference, described as “Saylor’s discount,” refers to the gap between the company’s acquisition cost and current market value. It matters because Strategy now controls roughly 3.4% of the circulating supply, embedding its cost basis into the broader market structure.
Six Years of Relentless Accumulation
Strategy began its accumulation program in 2020 under Executive Chairman Michael Saylor. Since then, it has deployed capital at a scale rarely seen in public markets. Annual purchases reached $1.1 billion in 2020 and $2.57 billion in 2021. Spending slowed to $276 million in 2022 before rising to $1.9 billion in 2023.
Source: Strategy
The pace accelerated sharply afterward. The company invested $21.9 billion in 2024 and $22.4 billion in 2025. In 2026 alone, it has already allocated $4.1 billion. According to CryptoQuant data, 2025 marked its largest year of capital deployment.
Recently, an SEC filing shows Strategy added another 592 coins yesterday for nearly $40 million, paying an average of $67,286 per coin. The purchase raised total holdings to 717,722 coins, valued at about $48 billion at current prices.
Per the report, the acquisition was funded by selling 297,940 shares of Class A common stock through an at-the-market program. The disclosure followed a post by Executive Chairman Michael Saylor featuring a chart titled “The Orange Century.” Market participants interpreted the image as a signal that another purchase was imminent.
The timing aligned with the company’s established pattern of incremental accumulation. Since 2020, Strategy has executed 99 separate acquisitions. Yesterday’s transaction marked its 100th purchase, underscoring the consistency of its approach. The running tally highlights a structured buying strategy rather than attempts to time short-term price swings.
Realized Price vs. Market Price
Strategy’s realized price, estimated near $76,000, represents its average acquisition cost. With Bitcoin trading well below that level, the company sits on an unrealized loss relative to its aggregate entry price.
Analysts caution that realized price is not a valuation model. It reflects cost basis rather than intrinsic worth. However, when a single entity controls more than 3% of supply, its average cost becomes a visible reference point for market participants.
Per CoinMarketCap’s data, the market recently dipped about 5% in 24 hours, leaving the asset near $63.4K and below the $65,000 threshold. Traders are now watching $60,000 as the next key support level. Volatility remains elevated, and liquidity conditions have tightened.
Meanwhile, Strategy’s Class A shares traded at $123.71, down 7.34% on the day referenced. The company’s stock performance often tracks movements in Bitcoin due to the scale of its holdings.
Related: Crypto Panic Deepens as Fear Index Hits 8 and Liquidations Surge to $375M
Why the Discount Draws Attention
The current price gap does not automatically imply undervaluation. Instead, it highlights how deeply institutional participation has integrated into market mechanics. With more than 717,000 coins on its books, Strategy’s cost basis has become a benchmark watched by both traders and analysts.
Bitcoin below Strategy’s realized price reflects broader macro pressure and persistent selling rather than a shift in corporate policy. The firm continues to accumulate despite price weakness.
For now, the “Saylor’s discount” captures a measurable divergence between corporate conviction and market pricing. As long as Bitcoin trades under that $76,000 threshold, the gap will remain part of the market conversation.
