Strategy has summarized its financial performance for the fourth quarter of 2025, reporting a loss of $17.4 billion, which includes an unrealized loss from its Bitcoin portfolio. Despite the negative financial results, the company’s management asserts the resilience of the business and its intention to continue increasing cryptocurrency assets.
This is reported by Business • Media
Risk Assessment and Management’s Position
CEO of Strategy, Fong Le, during a conference dedicated to the financial results for Q4 2026, noted that risks for servicing obligations on convertible bonds would only arise if the price of Bitcoin falls to $8000 and remains at that level for an extended period.
“Bitcoin needs to drop to $8000 per coin and stay at that level for five years, until 2032, before we would really face issues with fulfilling obligations on convertible bonds.”
Michael Saylor, co-founder of the company, stated that even in the case of an extreme drop in the digital currency’s price to $8000 per coin, Bitcoin reserves would only equal net debt after five years. According to him, there are currently no grounds for serious concern.
Financial Results and Portfolio Status
In 2025, Strategy established a reserve of $2.2 billion to cover obligations on convertible bonds and other securities. These funds are intended for dividend payments and other distributions in the event of further declines in Bitcoin’s value.
As of February 2026, the company controls 713,502 BTC with an average purchase price of $76,052. At the time of preparing this material, Bitcoin is trading at $64,747, which places Strategy’s portfolio in a zone of unrealized losses exceeding $8 billion.
According to the report, in the fourth quarter of 2025, the company recorded an operating loss of $17.4 billion, significantly exceeding the figure for the same period in 2024, which was $1 billion. Revenue for this period increased by 1.9% to $123 million. The company’s net loss reached $12.4 billion, while the net loss attributable to shareholders amounted to $12.6 billion.
Despite the losses, Strategy reported an investment return on Bitcoin of 22.8% in 2025. Meanwhile, following the release of the financial results, the company’s shares (common, Class A, MSTR) fell by more than 17%.
Strategy’s CFO Andrew Kang explained the significant losses for Q4 were due to the drop in Bitcoin’s price, emphasizing that the company will remain committed to its strategy of further accumulating cryptocurrency.