Stories framed around “who lost how much” tend to go viral, but they also get facts wrong. So this guide sticks to a strict rule: no wallet-guessing and no “realized loss” claims. The figures below are not realized losses unless a holder actually sold. They are simply estimated market-value declines on BTC positions that were publicly reported.
What Exactly Happened In The February 2026 Bitcoin Drop?
In early February 2026, Bitcoin fell sharply from $73,137.0 (Feb. 4 close) to $62,857.9 (Feb. 5 close) — a decline of about 14.05%. The selling pressure continued into the next session, with an intraday low near $60,187.0 on Feb. 6. These three reference points are used for every estimate in this article so the math is consistent.
How The “Paper Loss” Calculation Works
To avoid misleading readers, the calculation here is intentionally simple and auditable:
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Estimated Paper Loss ≈ BTC Held × (Price Before − Price After)
We run two scenarios:
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Close-To-Close Scenario: Feb. 4 close → Feb. 5 close
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Stress Scenario: Feb. 4 close → Feb. 6 intraday low
Important caveat: This approach does not account for hedges (options/futures), debt structures, collateral dynamics, or accounting treatment. Those factors can materially change reported earnings — but they don’t change the basic idea of “BTC market value moved by X.”
Corporate Bitcoin Treasuries: Estimated Value Drops
Below are examples of entities with widely tracked, publicly reported BTC holdings. Numbers are rounded to keep the story readable.
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Strategy (MicroStrategy) (713,502 BTC reported):
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Close-To-Close: ~$7.33B
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Stress Scenario: ~$9.24B
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MARA Holdings (53,250 BTC):
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Close-To-Close: ~$547M
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Stress Scenario: ~$690M
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Riot Platforms (18,005 BTC):
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Close-To-Close: ~$185M
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Stress Scenario: ~$233M
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Coinbase (14,548 BTC):
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Close-To-Close: ~$150M
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Stress Scenario: ~$188M
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Tesla (11,509 BTC):
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Close-To-Close: ~$118M
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Stress Scenario: ~$149M
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Block (8,780 BTC):
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Close-To-Close: ~$90M
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Stress Scenario: ~$114M
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Galaxy Digital (6,894 BTC):
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Close-To-Close: ~$71M
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Stress Scenario: ~$89M
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These estimates help readers compare exposure across companies, but they shouldn’t be interpreted as “the company lost X dollars” in an accounting sense. It’s more accurate to say: “the market value of the BTC they hold fell by roughly X.”
What About Michael Saylor?
This is where many articles get sloppy. Personal holdings are rarely updated in a way that lets you calculate a definitive number.
For Michael Saylor, a commonly cited public statement referenced 17,732 BTC held personally at the time of that disclosure. If you use that last publicly stated quantity strictly as a scenario input (not a claim about today’s holdings), the implied paper-loss range is:
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Close-To-Close: ~$182M
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Stress Scenario: ~$230M
Again: this is not a claim of a current wallet balance or realized losses — only a scenario calculation based on a past public figure.
