Michael Saylor’s Entire $64 Billion Bitcoin Pile Is Underwater, So What Happens Next?
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Bitcoin (CRYPTO:BTC) traded at $68,400.40 as of 11:19 AM ET on November 13, 2026, down 4.58% over 24 hours. That is below the average cost of $75,456 per coin paid by Strategy Inc. (NASDAQ:MSTR | MSTR Price Prediction). As a result, all 850,364 of the company’s bitcoin, bought for $64.16 billion, are now worth less than they cost.
The drop took bitcoin below its November 12 close, which was already its lowest close of the past 30 days. It also left the coin far from its $126,080 record from October 6, 2025. Even Strategy Inc.’s latest purchase is losing money: 1,036 BTC bought for $81.9 million at an average of $79,012 between November 2 and November 8.
Shares of the company led by Executive Chairman Michael Saylor fell to $110.09, down 3.78% on the day. The stock is down 27.66% over one month and 50.99% over one year.
Four Pressure Points Hit Bitcoin at Once
Selling began in the stock market. According to CNBC, the Nasdaq fell as Nvidia kept sliding. Yahoo Finance reported that rising wholesale inflation weighed on the S&P 500 and Nasdaq. Wholesale inflation tracks the prices producers charge, so a hotter reading makes interest-rate cuts less likely. On risk-off days like this, investors cut back on volatile assets, and that usually hits growth stocks and bitcoin together.
Bond yields added pressure. The 10-year Treasury yield rose to 4.98% on November 10, up from 4.86% on November 6. A Treasury yield is the annual return the government pays to borrow. When it rises, a guaranteed payment looks better next to assets like bitcoin that pay no income. That weighs on demand for risk in general, but it doesn’t explain why the drop came on Friday.
Selling through spot bitcoin exchange-traded funds (ETFs) hit the coin more directly. These funds hold real bitcoin for their shareholders, so when investors cash out, the funds sell coins. SoSoValue data show more money left these funds than came in on all five trading days from November 6 through November 12. That included $299,898,422.14 on November 11 and $283,997,508 on November 12.
Strategy Inc. also faces selling that it can’t avoid. MSCI (NYSE:MSCI) will remove the company from its Global Standard indexes, including the MSCI USA Index, as of the close of Nov. 30, under a new non-operating company rule. Index funds that track those benchmarks have to sell the shares they hold. Barron’s headline put it this way: Strategy faces investors dumping a chunk of its stock.
On the same day, Swiss strategist Thierry Borgeat posted on X: “I think he is right. One last Hurrah before it goes to 0.” Borgeat is better known for work on stock-market cycles, and he turned tactically bullish on semis the day before. His post quoted a chart that claimed a “100% hit rate since 2012” but gave no method to back it up. The post reflects the day’s gloom, but there’s no evidence it moved the price.
Bitcoin Fell Below Every Key Average and Did Worse Than Its Peers
A simple moving average tracks a coin’s closing price over a set number of days, and traders use it to judge the trend. Bitcoin now sits under its 20-day average of $77,248.99, its 50-day average of $80,879.59 and its 200-day average of $73,088.30. Many investors use the 200-day line to tell a long-term uptrend from a downtrend.
The market looked very different when Strategy Inc. reported third-quarter results on October 29. At that point, it noted that bitcoin was 21% above its 200-week moving average. The selling is heavy, too. Spot bitcoin ETFs traded $2,885,345,830.30 on November 12, a day when more money left the funds than came in.
In that 24-hour window, bitcoin’s 4.58% fall was steeper than the 4.22% drop in Ethereum (CRYPTO:ETH) to $1,920.73. Bitcoin also fell more than Solana (CRYPTO:SOL), which slipped 2.15% to $79.58. Over the past month, bitcoin had held up better. Through Friday’s daily close, it fell 12.94%, compared with 16.77% for Ethereum and 21.82% for Solana.
The reason for Friday’s gap is that this week’s selling is aimed at bitcoin specifically. When investors pull money from spot bitcoin ETFs, the funds sell bitcoin directly. The MSCI decision hits the largest corporate bitcoin holder, a stock many investors buy as a stand-in for bitcoin itself. Those pressures fall on bitcoin first, which helps explain why Ethereum and Solana lost less on Friday.
Can Strategy Inc. Get Its Bitcoin Back Above Water?
Current evidence points to a steep rise. Bitcoin would need to climb back above $75,456, which is higher than its 200-day average but lower than its 20-day average. A loss on paper leaves Strategy Inc. free to keep holding its coins. Under ASU 2023-08, an accounting rule that values the coins at market price each quarter, the gap shows up as an earnings swing. At the end of the second quarter, the company valued its bitcoin at $49.7B, compared with a $63.9B cost basis.
Cash obligations are the real pressure point. Strategy Inc. paid $419.6M in preferred stock dividends in the third quarter. So far this year, it has sold ~$431.8M of bitcoin to fund those dividends and to buy back preferred shares. Its USD Assets of $5.07 billion cover 3.4 years of dividend and interest payments. Saylor has said: “If bitcoin falls 90% for the next four years, we’ll refinance the debt. We’ll just roll it forward.”
That bullish argument depends on things that haven’t happened yet. Saylor believes bitcoin is at the beginning of its next bull market. The company has authorized a $1.0B buyback of its common stock, but none repurchased to date. In a buyback, a company uses its own cash to purchase its shares.
The test comes at the close on Nov. 30, when the MSCI removal takes effect. If bitcoin is still below $75,456 then, Strategy Inc. starts December with every coin underwater and its index-fund buyers gone. A daily close back above the $73,088.30 200-day average before then would be the first sign the selling has run its course.
Data Sources
- Borgeat bitcoin goes-to-zero call: source of Thierry Borgeat’s quoted X post from November 13, 2026.
- The post quoted a chart claiming an unverified “100% hit rate since 2012”.
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Jake has been been working in financial media for almost 15 years. He focuses on all things personal finance for 24/7 Wall St. with high hopes to educate and entertain. Most recently, Jake spent 12 years working various roles at The Motley Fool. He started copy editing fool.com content, worked on premium and marketing campaigns, and helped launch The Ascent, a personal finance brand.
His work has been featured on platforms like MSN, Yahoo Finance, USA Today, and more. He's written about credit cards, social security, ETFs, savings accounts, and just about anything else you can imagine when thinking about money. Jake love to cook, play golf, and tell people he's never had a cavity. (It's true!)
