In the first quarter of 2026, Strategy, the largest corporate holder of Bitcoin in the world, published an 8-K financial report indicating an unrealized loss of $14.46 billion. This result is attributed to a significant decline in the market value of Bitcoin during January to March of this year.
This is reported by Business • Media
Active Expansion of Bitcoin Portfolio and Book Value
During this period, Strategy significantly expanded its cryptocurrency portfolio by acquiring 88,316 BTC. As of March 31, 2026, the company controlled 762,099 BTC, with a total book value of $57.69 billion at an average purchase price of $75,694 per coin. In April, Strategy purchased an additional 4,871 BTC, bringing the total portfolio to 766,970 BTC, while the average price decreased to $75,644.
It is worth noting that the average purchase price for the company still significantly exceeds the current market value of Bitcoin, which at the time of this report was $68,445, according to TradingView.
“The company reported a deferred tax benefit of $2.42 billion. This partially offsets the high paper loss in subsequent periods.”
According to the accounting rules for crypto assets in the U.S. effective from December 2024, companies must reflect their value on the balance sheet at fair market value rather than at cost. This has impacted Strategy’s loss calculation for the reporting period.
Funding Mechanisms and Market Positions
For further investments in Bitcoin, Strategy, like other large treasury companies (DATs), utilizes an At-the-Market (ATM) program. It issues securities, and the raised funds are directed towards purchasing Bitcoin and financing operational activities. Recently, Strategy updated this program, focusing on issuing Class A common stock (MSTR) and variable yield preferred stock (STRC), maintaining a target raise of $42 billion.
Despite the losses reported for Q1, MSTR shares on the Nasdaq showed a slight increase on the daily chart.
Market experts note that Strategy remains a key player among treasury companies investing in cryptocurrency. The future development of the DATs segment will largely be determined by the decisions of this company.
