Bitcoin Hit $67,770 on Nov. 13 as Strategy Holdings Near Cost Basis
Key Facts
Bitcoin fell to $67,770 on Nov. 13, its lowest level since August, while EL7 data showed it closed at $68,314, according to the price record. Strategy held about 850,364 bitcoin, with an average purchase price of $75,456 per coin, according to the company’s record. The closing price remained below the holdings’ average cost, but that alone did not establish the size of any paper loss for the company that day. The recorded acquisition cost of the holdings was $64,165 million. These figures show how exposed the company’s balance sheet is to moves in the asset’s price, without implying that the company sold its holdings or realized a cash loss.
Bitcoin ended the Nov. 13 session at $68,314, compared with $71,460 at the previous day’s close, according to EL7 data. Its close remained below Strategy’s average cost of $75,456, while the recorded intraday low of $67,770 was below the closing price. This gap puts the market value of the holdings below their cost basis based on the closing price, but does not by itself determine the accounting treatment at period-end. The company said on Nov. 9 that it had bought 1,036 bitcoin at an average price of $79,012 per coin, for $82 million, according to its record. The purchase shows that the latest disclosed batch was bought at a price above the Nov. 13 close.
Strategy shares fell to $111.62 at the Nov. 13 close, from $114.41 in the previous session, according to EL7 data. The decline came on a day when bitcoin fell to its lowest level since August, placing moves in the company and its stock against a backdrop of pressure on the cryptocurrency market. 24/7 Wall St. reported that the company paid $81.9 million for 1,036 bitcoin at an average price of $79,012 from Nov. 2 to Nov. 8. That figure is close to the purchase cost in Strategy’s record, which lists it at $82 million. The difference reflects how the two sources report the transaction cost, while both agree on the purchase size and average price.
Strategy’s accounting results are affected by changes in the value of its holdings. The company said in its third-quarter results that its rules require bitcoin to be measured at fair value at period-end, with changes in value recognized in net income or loss. Unrealized gains or losses may therefore appear in results without the coins being sold. In the third quarter of 2026, the company reported net income of $19.53 billion, compared with $2.79 billion in the same period of 2025. Strategy attributed the increase in operating income to gains from the valuation of its digital assets. The disclosure puts fluctuations in bitcoin’s value into the context of the company’s results, which may change as assets are remeasured at the end of each financial period.
Across the broader market, CoinDesk reported that the dollar index rose above 103, reaching its highest level since April 2025, as traders watched the prospect of a U.S. rate increase in December. Traders put the probability of a 25 basis-point increase at 88%, compared with a 12% probability of a 50 basis-point increase. Cryptocurrency liquidations totaled $1.64 billion over 24 hours, with long positions accounting for 88.7%. U.S. spot bitcoin funds recorded net outflows of $47.7 million on Thursday, Nov. 12, their sixth consecutive day of outflows. This coincided with the price decline reported by CoinDesk, while bitcoin closed the following day at $68,314, according to EL7 data.
Markets are watching another development involving the company at the end of the month: MSCI said its November review changes take effect at the close on Nov. 30, 2026. 24/7 Wall St. reported that Strategy will be removed from the Global Standard indexes, including MSCI USA, at that close. Investing.com reported that the exclusion could limit the company’s ability to raise new capital, its primary source of funding for bitcoin purchases. The date comes after weeks of volatility in the asset’s price, while attention is also turning to the Federal Reserve meeting scheduled for Dec. 8 and 9. The meeting remains the next rate decision on which markets are focused, according to CoinDesk.