Bitcoin rout drives Strategy to $12.6B Q4 loss, one of corporate history's largest
Strategy, the bitcoin treasury holder formerly MicroStrategy, posted a $12.6 billion net loss for Q4 2025, after an about $17.4 billion operating loss driven by unrealized bitcoin declines as Bitcoin plunged to the low $60ks. The company still holds about 713,502 BTC at an average cost near $76,000, with mark‑to‑market losses now approaching $31 billion year‑to‑date, contributing to one of the largest quarterly losses by a U.S. public company and a stock drop exceeding 70% versus last year.