It has been 36 hours since the crypto market witnessed almost $20 billion disappear in liquidations. SUI has crashed 80%, XRP is down 53% from its recent highs, and Solana price on Binance futures hit $141, while spot is still trading at $168. This is a perfect illustration of how the books break down when chain sales hit.
Michael Saylor, an American businessman and one of the world’s largest Bitcoin holders, did not react to the crash by showing another orange dot on his famous chart. This means that no new Bitcoin purchases were made for his strategy last week.
Don’t stop₿elievin’ pic.twitter.com/LUMroqLSCl
— Michael Saylor (@saylor) October 12, 2025
However, he posted a screenshot with four words written on it: “Don’t Stop ₿elievin.” The strategy’s current stack is 640,031 BTC with a value of $71.71 billion and an average entry price of $73,983. These numbers put Thaler & Company’s unrealized gain at 51.44%, or nearly $24.35 billion.
$6.4 billion loss
So let’s take a look at what was lost. When Bitcoin traded near $122,000 earlier this month, that same stack was worth about $78.1 billion. At its current price of nearly $112,000, the book’s paper value has fallen by about $6.4 billion in just a few days. Not a realized loss, but a brutal cut from the top.
On the equity side, MSTR has a base market capitalization of $87 billion, $97 billion diluted, and an enterprise value of $101 billion. More than 66% of this comes directly from Bitcoin.
Our stance is clear. The market bled $20 billion in one day and Saylor and Strategy lost $6.4 billion on paper, but he’s still looking $24 billion ahead and telling everyone not to stop believing in Bitcoin.
