Strategy (MSTR) reported a net loss of $12.4 billion in the fourth quarter of 2025 as bitcoin price. fell from about $120,000 on October 1 to about $89,000 to close the year.
Things have only gotten worse since then, with the price of bitcoin falling sharply in recent weeks and finally crashing to the $64,000 level on Thursday ahead of the Strategy’s results. Strategy stocks closed the session down 17% in one of their worst performances in years. The stock rises modestly in after-hours trading.
Led by CEO Michael Saylor, the company, which is the largest corporate owner of bitcoin, currently holds 713,502 BTC, purchased at an average price of $76,052 (including 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 it 2.5 years of dividend coverage on its preferred stock, as well as interest on debt.
As the fourth quarter results are not a surprise, investors will look forward to the earnings call at 5 pm ET for comments from Saylor and the team on their plans given the current state of the market.
Read more: The strategy has a loss of $6.5 billion in BTC, but continues to trade at a premium to the value of its assets
