Strategy holds more BTC than Binance but sits on larger unrealized losses due to higher average acquisition cost.
Macro & Markets ·
Strategy executed its largest Bitcoin sale this week, offloading 3,588 BTC for $216 million, yet maintains holdings of 843,775 BTC—surpassing Binance's 656,561 BTC in reserve. Despite holding more bitcoin than the world's largest crypto exchange, Strategy faces steeper losses due to a higher average acquisition cost. The firm purchased its BTC at an average price of $75,476, while sales have occurred around $60,000, realizing approximately 20% in losses. Binance's estimated entry price of $60,900 places its unrealized losses below Strategy's deeper underwater position.
According to analysis, Strategy's recent sales—including an earlier 32 BTC transaction in late May—were driven by liquidity and corporate funding needs rather than market conviction. The treasury firm has conducted two rounds of disposals within less than two months, with the larger sale occurring as bitcoin hovered near $60,000.
The gap between Strategy's acquisition cost and current prices means any further sales at prevailing levels would crystallize additional losses. Binance's position differs structurally: the exchange liquidated roughly 94% of its proprietary reserves and converted them to stablecoins in early 2025, meaning its current bitcoin holdings belong primarily to investors rather than the platform itself.