Strategy (MSTR) reported a net loss of $12.4 billion in the fourth quarter of 2025 as the price of bitcoin dropped from about $120,000 on Oct. 1 to about $89,000 to end the year.
Things have only gotten worse since, with the price of bitcoin falling hard in recent weeks, eventually crashing Thursday to the $64,000 level ahead of the strategy results. Strategy stocks closed the session down 17% in one of their worst performances in years. The stock rises modestly in after-trade.
Led by Chairman Michael Saylor, the company, which is the largest corporate owner of bitcoin, currently has 713,502 BTC, purchased at an average price of $76,052 (which includes several billion dollars in purchases since the end of the fourth quarter).
The company ended the year with $2.25 billion in cash, which would allow for 2.5 years of dividend coverage on its preferred stock as well as interest on debt.
The fourth quarter results are not surprising, investors will watch the earnings call at 5:00 PM ET for Saylor and the team to comment on their plans given the current market situation.
Read more: Strategy Takes $6.5 Billion Loss on BTC, But Continues to Trade at a Premium to the Value of Its Assets
