Strategy, the world’s largest crypto treasury firm, has seen unrealized losses on its Bitcoin holdings reach $3.8 billion amid a sharp market downturn that drove the crypto asset below $71,000.

The recent sell-off, falling on Michael Saylor’s birthday, sparked $777 million in liquidations in 24 hours, largely from long bets.

Bitcoin has declined roughly 19% so far this year and now trades at levels last seen around the 2024 election, TradingView data shows.

Strategy holds 713,502 BTC acquired for approximately $54.3 billion at an average price of around $76,000 per coin.

MSTR shares are also under pressure, closing Wednesday down 3% at $129 and slipping further in after-hours trading. The stock has dropped over 70% since its July 2025 peak and 15% so far in 2026.