Michael Saylor’s Bitcoin fortress is starting to look a little shaky.
As of today, November 20, 2025, MicroStrategy holds 426,898 BTC purchased at an average price of roughly $67,900 a total cost basis of about $29 billion. With Bitcoin trading near $79,500, the company is sitting on roughly $5.1 billion in unrealized gains.
But those gains are thinner than they look.
A 15% slide from current levels would push BTC under $67,600 effectively wiping out every penny of paper profit and flipping MSTR’s entire Bitcoin treasury into the red for the first time since early 2023.
Why 15% feels closer than ever:
- Macro headwinds are mounting: hotter inflation data, a surging dollar, and Treasury yields spiking above 4.6%.
- The post-election “Trump trade” that sent BTC to $89k two weeks ago is unwinding fast.
- MSTR stock itself is down 28% from its peak, and short interest is creeping higher as leverage concerns resurface.
Saylor, of course, remains unfazed — he’s been loudly buying the dip all week, adding another $1.1 billion in BTC on convertible notes just yesterday. His mantra: “There is no price target, only HODL.”
But for shareholders who bought the stock for its leveraged Bitcoin upside, a red treasury would sting. Margin calls aren’t on the table yet (debt is fixed-rate and long-dated), but sentiment could flip hard.
Bottom line: $79k → $67k is only a normal crypto correction away. If it happens, the loudest Bitcoin bull on Earth will officially be underwater on the biggest corporate bet in history.
Buckle up, Bitcoiners — the real stress test might be coming.
