Strategy, the business intelligence and Bitcoin treasury firm, holds 843,775 BTC, surpassing Binance’s exchange reserves of 656,561 BTC. Strategy’s average acquisition price is $75,476, while Bitcoin traded near $60,000 during its recent sales. Binance’s estimated realized price for its Bitcoin is $60,900. This means Strategy carries deeper unrealized losses than the exchange. Strategy sold 3,588 BTC for $216 million this week, its largest sale, following a 32 BTC sale in late May. These sales were aimed at funding security dividends and corporate liquidity. According to a CryptoQuant analyst, Strategy’s moves reflect a need for liquidity rather than a market conviction. Binance liquidated about 94% of its proprietary BTC reserves in early 2025, meaning its current reserves primarily belong to investors.
As the business intelligence and Bitcoin treasury company Strategy just carried out its largest BTC sale this week, analysts are comparing how deeply the firm is underwater. CryptoQuant analyst Darkfost reviewed Strategy’s Bitcoin unrealized losses compared to those of the world’s largest crypto exchange, Binance.
Crypto exchanges collectively hold about 8 million BTC, with roughly 30% concentrated on Binance alone. Binance’s Bitcoin reserves are mostly owned by investors because the exchange liquidated about 94% of its proprietary BTC reserves and converted them into stablecoins in early 2025 during a major restructuring.
Although Binance accounts for the largest exchange reserves with 656,561 BTC, Strategy still tops the platform with 843,775 units. This is despite Strategy executing two BTC sales within less than two months: 32 BTC for $2.5 million in late May, and 3,588 BTC for $216 million this week. These sales have been aimed at funding security dividends and corporate liquidity needs. Darkfost said “Strategy’s moves reflect the company’s need for liquidity rather than a market conviction.”
Strategy’s 843,775 BTC stash has an average acquisition price of $75,476, but the sales have been taking place around the $60,000 level, resulting in roughly 20% realized losses. All the BTC on Binance has an estimated realized price of $60,900, well below Strategy’s $75,476. This indicates that Strategy’s reserves are still deeper underwater than Binance’s. If Strategy makes any more sales while BTC hovers around $60,000, it is bound to realize even more losses.
