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The strategy holds approximately 717,000 BTC with an average price of around $76,000 (totaling $54.5 billion). With the current #BTC price around $65,000, unrealized losses are estimated to be about $9 - $9.5 billion. However, the #Bitcoin of the strategy is not collateralized (not a collateral asset for margin loans). This is a spot holding, not a leveraged trade. Therefore, they can fully withstand a deep price drop, and only if Bitcoin falls below $8,000 will the company be forced to sell.