Strategy’s massive Bitcoin holdings leave the company with a significantly larger unrealized loss position than Binance, according to a new analysis from CryptoQuant.
The comparison comes after the business intelligence firm and Bitcoin treasury company completed its largest Bitcoin sale of the year, prompting analysts to examine how its position stacks up against the world’s biggest cryptocurrency exchange.
Strategy Holds More Bitcoin Than Binance
CryptoQuant analyst Darkfost noted that cryptocurrency exchanges collectively hold around 8 million BTC, with nearly 30% of those reserves sitting on Binance. Other major exchanges, including Bitfinex, Gemini, Kraken, and OKX, each account for more than 5% of total exchange holdings.
However, the report emphasized that most of Binance’s Bitcoin reserves belong to customers rather than the exchange itself. Binance reportedly liquidated around 94% of its proprietary Bitcoin holdings and converted them into stablecoins during a major restructuring in early 2025. Since then, the exchange has largely acted as a custodian for client assets instead of actively managing its own BTC position.
Binance currently holds approximately 656,561 BTC on behalf of users, while Strategy remains the larger holder with 843,775 BTC.
That lead comes despite Strategy selling Bitcoin twice within the past two months. The company first sold 32 BTC for $2.5 million in late May before offloading another 3,588 BTC for $216 million earlier this week. According to Darkfost, the sales were driven by liquidity requirements and dividend obligations rather than a bearish outlook on Bitcoin.
Strategy Faces a Larger Loss Position
CryptoQuant estimates that Strategy acquired its Bitcoin at an average price of $75,476 per coin, while its recent sales occurred around the $60,000 level, resulting in realized losses of roughly 20%.
By comparison, the estimated realized price of the Bitcoin held on Binance stands at approximately $60,900, substantially lower than Strategy’s average acquisition cost. This suggests that Strategy’s remaining holdings are sitting on significantly larger unrealized losses than the Bitcoin held on the exchange.
Because Strategy also owns a larger quantity of Bitcoin than Binance, its overall unrealized loss exposure is considerably greater. CryptoQuant noted that if the company continues selling while Bitcoin remains near the $60,000 level, it would likely realize additional losses on future transactions.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
