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Bitcoin has experienced a significant drawdown of around 17%, leading to substantial mark-to-market pressure across major institutional holders. One of the most notable impacts is on Strategy (formerly MicroStrategy), which has reported its largest unrealized loss to date, exceeding $10 billion. The company, the largest corporate holder of Bitcoin, also made a rare move by selling 32 BTC for approximately $2.5 million to support preferred stock distributions, marking a departure from its long-standing no-sell policy. Despite this, Executive Chairman Michael Saylor continues to reaffirm a long-term accumulation and holding strategy. Meanwhile, Strategy’s equity has declined sharply, down around 77%, reflecting how closely its valuation is now tied to Bitcoin price performance. Overall, the situation highlights the amplified impact of Bitcoin volatility on highly leveraged institutional exposure during broader market downturns.