Strategy (MSTR) Cost Basis

Strategy (formerly MicroStrategy) has been accumulating Bitcoin since August 2020 and is the largest corporate holder. This chart plots its cumulative average cost per BTC against the market price: price above the line means the position is in profit, below means underwater.

MSTR's purchases are a bellwether of institutional demand, and its cost basis is often treated as a psychological support level — BTC broke below it during the 2022 bear market and the company kept buying rather than liquidating.

Holdings and cost are aggregated from SEC 8-K/10-Q filings (via strategytracker.com); the line stays flat between disclosures. Unrealized P/L = (price − avg cost) × holdings.