Strategy (formerly MicroStrategy) reported a staggering $12.6 billion net loss for Q4 2025, one of the largest quarterly hits in U.S. corporate history, driven almost entirely by unrealized losses on its Bitcoin holdings, according to the Block on February 5, 2026. The operating loss reached $17.4 billion, compared to a $671 million loss a year earlier, as BTC plunged from $73,100 to an intraday low of $62,400a nearly 15% single-day drop, according to theBlock price data. With 713,502 BTC on the balance sheet (average cost $76,000), the firm flipped from $31 billion in pa. gains months ago to a $9.2 billion unrealized loss. SaylorTracker.
Strategy’s aggressive Bitcoin accumulation, led by Michael Saylor, turned sour as BTC fell below the $76,000 breakeven point. Shares opened at $120, closed near $107, and slipped to $102 after-hours, down over 70% YTD and 99% from peaks, erasing the premium once assigned to its BTC strategy. A Messari researcher estimated $31 billion in mark-to-market declines since year-end, placing Q4 alongside 2008 crisis losses by AIG and Fannie Mae. Saylor’s terse X response“HODL” signals defiance amid the storm.
MSTR’s collapse reflects skepticism toward Bitcoin treasury models in bearish conditions, with the MSTR/IBIT ratio hitting lows, .. Unlike MicroStrategy’s earlier gains during BTC’s $126,000 surge, the current drawdown highlights leverage risks in DAT firms, .. BTC’s $2.45T market cap and $65.8B daily volume show resilience, but Strategy’s exposure amplifies volatility,. CoinMarketCap. X posts from @BitcoinMagazine note parallels to 2008 crisis quarters, underscoring corporate BTC risks.
Strategy remains the largest corporate BTC holder, but sustained weakness below $76,000 could deepen losses. A rebound to $120,000 might restore gains, but SEC scrutiny on crypto treasuries and rate cut delays loom. Investors should monitor BTC support at $112,000 via CryptoQuant and diversify into stablecoins like USDC. TradingView. Follow @saylor on X for updates. Strategy’s HODL stance bets on long-term BTC appreciation, but Q4’s hit serves as a cautionary tale for corporate crypto exposure in 2026.
