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Strategy Inc.’s Q4 2025 earnings reveal how Bitcoin volatility drove major losses in its treasury holdings.
Author: Arushi Garg
6 February, 2026 – Strategy Inc., formerly MicroStrategy and the world’s largest corporate Bitcoin holder, reported its Q4 2025 results, showing a $17.4 billion operating loss due to unrealized Bitcoin losses. The company still earned a 22.8% BTC yield for the year and increased its holdings to 713,502 BTC. Despite a $12.6 billion net loss, Strategy’s commitment to its Bitcoin strategy remains strong, and shares jumped over 20% after hours as investors focus on long-term value.
High Signal Summary For A Quick Glance
Strategy Inc., formerly MicroStrategy, is a software company founded in 1989 that has shifted its focus to Bitcoin. It is now the world’s largest corporate holder of Bitcoin and calls itself a Bitcoin Treasury Company. By the end of 2025, Strategy held 713,502 BTC, bought at an average price of $76,052 per Bitcoin. The company reported $123 million in revenue for Q4 2025, up slightly from last year.
On February 5, 2026, Strategy reported a large loss for Q4 2025, mainly due to Bitcoin’s price drop. It recorded a $17.4 billion operating loss and a $12.6 billion net loss from unrealized Bitcoin losses. Despite this, investors reacted positively. Strategy’s stock jumped over 20% after hours, showing confidence in its long-term Bitcoin strategy.
In 2025, Strategy raised a record $25.3 billion in capital, making it the largest equity issuer among U.S. public companies for the second year in a row. The capital raise directly supported its Bitcoin accumulation strategy, expanding holdings to 713,502 BTC.
The funding came in part from five listed preferred equity offerings, broadening investor access across different yield, duration, and risk profiles, while preserving a $2.25 billion cash buffer to support dividend obligations. One of the standout instruments, STRC (Stretch), grew to $3.4 billion in size. Backed by improving liquidity and a variable dividend rate set at 11.25%, STRC maintained price stability near $100 despite Bitcoin’s volatility.
Overall, Strategy’s use of innovative capital instruments reflects its focus on increasing Bitcoin Per Share (BPS) for common shareholders, with further expansion of these structures planned for 2026.
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