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00:02Strategy was $630 million underwater on its Bitcoin holdings on Tuesday, according to Benzinga.
00:09Bitcoin fell below the company's $76,037 average cost basis,
00:14erasing $47 billion in unrealized profits accumulated over the prior four months.
00:20Bitcoin dropped 15% in the first four days of February,
00:23pushing Strategy's position underwater for the first time since it began accumulating Bitcoin
00:28in August 2020. The company remains down on its holdings as long as Bitcoin trades below $76,000,
00:35even though Bitcoin is still up 550% since Michael Saylor's first purchase.
00:40Strategy bought heavily near Bitcoin's October peak, increasing exposure as prices declined.
00:46Saylor reiterated his long-term approach, while critics questioned Strategy's influence on
00:50Bitcoin's price and its reliance on elevated prices to issue stock and buy more Bitcoin.
00:55For all things money, visit Benzinga.com.
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