Loss could be understood broadly. Missed opportunity could be considered as a loss. If the state liquidated its Bitcoin holdings and got $1 billion, but it could have sold it a few months later and would have raised $3 billion instead, there was indeed a loss.
Did they really "reinvest," or is that just a misleading term? From what I’ve heard, this country sold their previously confiscated Bitcoin from cases like Movie2k and other illegal online scams or money laundering operations.
While it’s true that a missed opportunity can also be seen as a loss, the article seems deliberately written to grab attention. If they wanted to report it accurately and avoid misleading readers, they could have simply framed it as a "missed opportunity" instead of implying a direct financial loss. I wonder if there will be a similar article if Bitcoin dumps, seems like it’s all about making headlines to pull readers in.