Strategy’s massive Bitcoin stack showed unrealized losses for the first time in years, as the top crypto momentarily dropped below the Bitcoin-buying company’s average purchase cost over the weekend, marking the first time it has traded below the firm’s cost basis since late 2023.

Led by executive chairman Michael Saylor, the Bitcoin treasury giant has accumulated its stockpile for an average cost of around $76,052 per Bitcoin since 2020, according to a press release.

Strategy scooped up 855 Bitcoin for $75.3 million between Jan 26 and Feb. 1, according to a regulatory filing on Monday. The purchases were made at an average price of $87,974 per BTC, with the premier crypto kicking off the week above $87,700 and climbing to $90,000 before briefly dropping below $76,000  during the weekend market bloodbath, per CoinGecko data.

Strategy now holds 712,647 BTC — worth around $56 billion — making it by far the largest Bitcoin treasury company. The stash was acquired for a total cost of around $54.26 billion, including fees and expenses. BTC’s fall below $76K incurred paper losses for Strategy on its token purchases. The crash came after US President Donald Trump nominated ex-Federal Reserve governor Kevin Warsh to replace Jerome Powell as the central bank’s chair on Friday.

With Bitcoin recently hovering around $78,378, Strategy’s $56 billion Bitcoin stack was just above breakeven on Tuesday after around 5.5 years of buying BTC.

For perspective, Strategy’s stockpile represents over 3.4% of Bitcoin’s total 21 million supply. However, given the lackluster price action, that implies only $1.2 billion in paper gains at current prices.

The latest buys were funded via the sale of Strategy’s Class A common stock, MSTR. The company sold 673,527 MSTR shares for roughly $106.1 million over the past week. No shares of Strategy’s various perpetual preferred stocks were sold during that period.

The acquisition marks Strategy’s fifth Bitcoin purchase this year, with its largest coming on January 20, when it announced the purchase of $22,305 in BTC for $2.1 billion.