MicroStrategy ( $MSTR ) remains the largest corporate holder of Bitcoin — and right now, also the largest bearer of unrealized pain.

Just months ago, MSTR was sitting on massive paper profits.
The recent move below $76K has now pushed their entire position near or below cost basis.

This is unrealized loss — no forced selling, no margin calls triggered at the corporate level. MicroStrategy’s strategy has always been long-duration, high-conviction exposure to Bitcoin, not short-term mark-to-market comfort.

Bitcoin hasn’t changed.
Price has.

The question now isn’t about losses — it’s about who can hold through the noise. 👀