Darkfost2026-07-09

Strategy's Cost Basis vs. Binance's : Who's really underwater on Bitcoin?

This week was marked by the largest BTC sale in Strategy's history. The company offloaded 3 588 BTC for approximately $216 million, an operation aimed at funding dividends on their Digital Credit securities. The detail is far from trivial, with an average acquisition price of $75 476, and this sale taking place around the $60 000 level, Strategy took a loss of roughly 20% on the transaction. A choice that reflects the company's need for liquidity, rather than a market conviction. Despite this sale, Strategy remains a major player and still holds 843 775 Bitcoin today, an amount that alone exceeds the reserves of the exchange Binance, which totals 656 561 BTC. To put these figures into context, it's worth noting that exchanges collectively hold around 8 million BTC today, with nearly 30% concentrated on Binance alone, a notable proportion among exchanges open to all types of investors. By comparison, all the BTC sitting on Binance carries an estimated realized price of around $60 900, a level well below Strategy's own.