$BTC TrumpTariffs It’s worth noting that Strategy didn’t pay cash outright. They used a mix of debt and equity. That amps up the stakes if Bitcoin dips. Around $39.41 billion has been spent so far at an average of $69,287 a coin. At today’s price—hovering near $104,000—the holding is worth about $59.2 billion, or roughly $19.8 billion in unrealized gains. But if prices retreat, those gains could shrink fast.

Strategy’s relentless buying also takes coins off the open market. With each large purchase, fewer coins are left on exchanges. Some analysts say that can tighten supply and support prices. Others argue the real test will come when markets turn. If demand cools and holders start selling, even big players like Strategy will feel the