Strategy under pressure: possible sale of Bitcoin and stock market crash due to unrealized loss of 5.9 billion dollars

The stock of Strategy (formerly MicroStrategy) has plummeted by 11.26% following the release of the 8-K form to the SEC and the announcement of an unrealized loss of 5.91 billion dollars on its Bitcoin assets. Here’s what’s happening and what the real risks are.

Bitcoin Strategy in bilico: Strategy potrebbe essere costretta a vendere i suoi BTC

In its recent form 8-K filed with the SEC on April 7, 2025, Strategy (formerly MicroStrategy) issued a warning signal: in the absence of favorable financing, the company might be forced to liquidate part of its reserves in Bitcoin to meet debt obligations. This scenario would contradict the historical mantra “never sell Bitcoin” of the founder Michael Saylor.

A phrase has caught the attention of the markets:

“The company might be forced to sell Bitcoin under unfavorable conditions in case of a further price drop, if it does not have access to new equity or debt instruments.”

Even though the statement falls within the standard risk clauses, already mentioned in the 10-Q reports and previous communications of 2023, the market reacted strongly, fueling investors’ fears.

What the filing 8-K really says

The document, visible on the first page of the SEC form, does not announce an imminent sale of BTC, but explicitly states the risk in the event of unfavorable financial scenarios. This is a practice in accordance with the updated accounting standards (ASU 2023-08), which now requires the recognition of the fair value of crypto assets in the balance sheet at each quarterly close.

“`html

The average book value of the 528,185 BTC held by the company is $67,458, while the market price is currently around $40,119 billion. This leads to an unrealized loss of about $5.91 billion, with a significant impact on the balance sheets.

“`

Post-election purchases and now… a mountain of losses

After Donald Trump’s victory in the USA elections in November 2024, Strategy aggressively increased its BTC portfolio, purchasing 275,965 bitcoin at an average price of $93,228. However, the price of Bitcoin has experienced a sudden drop in recent weeks, falling by 6.3% on April 7, 2025, due to new geopolitical and commercial tensions.

The result? An unrealized loss of over $4.6 billion just on this tranche of recent purchases.

What triggered the mass sell-off

The crash in the stock market of MSTR was not caused solely by the content of the SEC form. Other factors have amplified the pressure:

• New mandatory accounting standards from January 1, 2025, which require the adjustment of the fair value crypto in quarterly financial statements;
• No fundraising activity in the weeks following Q1 2025: no sale of common or preferred shares, nor purchases of new BTC;
• Scarcity of liquidity and high leverage, which increases the risk in case of prolonged volatility.

These elements have created a context of perceived instability, leading to a quarterly net loss, despite a tax benefit of $1.69 billion.

MSTR at -11% and pressure on institutional investors

The stock MSTR recorded a drop of 9.7% in the pre-market and closed the day in the red by over 11%. A significant loss that reflects the growing uncertainty about the sustainability of the company strategy focused exclusively on Bitcoin.

Investors are now asking themselves a key question: Will Strategy really sell BTC or is it just FUD (fear, uncertainty, doubt)?

The answer, for now, is that there is no announced sale. But in a climate of high rates, a decline in confidence in digital safe havens, and macro difficulties, even a simple precautionary statement can trigger the storm.

An increasingly unstable global context

The negative sentiment is also fueled by the macroeconomic context:

• Commercial tariffs reintroduced by Trump, with negative impacts on global markets;
• Collapse of the European and Asian stock exchanges, with the FTSE MIB and the DAX down by 2.5%;
• Oil price down by 20% since April 2;
• Exasperated volatility on the US stock indices, with the Nasdaq in free fall by 12% in one week;
• Bitcoin, traditionally a safe haven in uncertain times, is no longer reacting as “digital gold”.

What to expect now: resistance or capitulation?

The analysts are divided. On one hand, Strategy’s balance sheet remains solid, with 528,185 BTC worth over $40 billion, a huge competitive advantage in the medium to long term. On the other hand, the leverage and the lack of room for maneuver in the short term pose a concrete risk if the pressure were to increase.

In summary, the threat of selling is not new, but today it is more real than ever. Even without an immediate liquidation, the mere idea that MicroStrategy might sell is enough to shake the crypto and stock markets.

Opportunity or warning signal for Strategy ($MSTR) stocks?

This crisis could turn into an opportunity for those who have a long-term horizon and believe in the strategic value of Bitcoin on the balance sheet. But in the short term, the risk is tangible, especially for those exposed to MSTR or assets related to the sentiment of criptovalute.

The upcoming quarterly reports will be crucial. And every word from Michael Saylor could weigh as much as an entire ETF.