Strategy (NASDAQ: MSTR) just printed an unusually large Q4 2025 loss stack, with results dominated by mark-to-market treatment on digital assets.
The company reported an operating loss of $17.4 billion for Q4 2025, versus an operating loss of $1.0 billion in Q4 2024. Management attributed the Q4 2025 operating loss to an unrealized loss on digital assets of $17.4 billion, noting it is the fourth quarterly reporting period in which the company applied fair value accounting.
On the bottom line, Strategy reported a net loss of $12.4 billion for Q4 2025, equal to a $42.93 loss per share on a diluted basis, compared with a net loss of $670.8 million (or $3.03 loss per diluted share) in Q4 2024.
Strategy disclosed Bitcoin holdings of 713,502 BTC acquired at a total cost of about $76,052 per coin. Management said it has $2.25 billion in cash, describing it as sufficient to cover interest and distributions for “more than two years.”
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In commentary tied to the results, no new equity raise or debt issuance was announced, which was a break from prior quarters when the company repeatedly tapped markets to fund additional Bitcoin purchases, meaning one of the biggest buyers of the digital currency may now be less active, or entirely absent, in the market.
CEO Phong Le outlined an “extreme downside” case: a 90% decline in Bitcoin to roughly $8,000 would bring the firm’s BTC reserve roughly equal to its net debt, at which point it would not be able to pay off convertibles using BTC holdings alone and could consider restructuring.
Le also reiterated a separate stress trigger discussed elsewhere: a Bitcoin sale would be compelled only if the stock trades below 1x mNAV and the company cannot raise new capital through equity or debt issuance. For reference, as of Friday’s close Strategy traded at a 1.20x mNav, meaning they are quickly nearing that price level.
Executive Chairman Michael Saylor encourages faith among bitcoin holders, posting on X “HODL”.
Saylor is the public architect of the Bitcoin-treasury strategy. In the earnings-call coverage provided, he argued the company is “well managed, well collateralized, and responsibly structured,” and he dismissed quantum-computing concerns as “FUD,” while also saying Bitcoin’s security can be upgraded and referencing a Bitcoin security program aimed at quantum resistance.
READ: The $54 Billion “Maturity Wall” Michael Saylor is Facing
This comes after Strategy disclosed in December 2025 a dedicated USD reserve described as a $1.44 billion reserve funded via an at-the-market equity program.
Information for this story was found via Bloomberg and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
