Strategy Inc. Q4 2025 Earnings Show Bitcoin Volatility’s Effect on Treasury

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

📌 Key Takeaways 👥 Who Is Impacted 📊 Implications

Change: BTC holdings rose to 713,502, prioritizing long-duration yield strategy over short-term P&L optics.
Constant: Core revenues steady; BTC treasury approach unchanged since 2020.
Why it matters: Reinforces the thesis that Bitcoin can function as a long-term corporate reserve asset even through drawdowns.
Bigger picture: High-visibility corporate exposure can normalize BTC treasury strategies and encourage broader adoption over time.

Retail traders: Higher volatility in MSTR driven by Bitcoin price swings, creating trading opportunities and risk.
Long-term holders: Supports the narrative of BTC as a treasury asset despite unrealized losses during downturns.
Institutions: Signals corporate conviction to hold BTC through stress periods, shaping how funds frame BTC risk and allocation.
Crypto market: Sustains long-term Bitcoin credibility via large corporate exposure and continued treasury accumulation.

🟢 Short-term (bullish): MSTR rally reflects investor appetite for a BTC-yield/treasury strategy and leveraged BTC exposure.

🔴 Short-term (bearish): Large unrealized losses can amplify caution around BTC-linked equity volatility and drawdown risk.

🟢 Long-term (bullish): Strengthens the case for Bitcoin as a corporate reserve asset and reinforces the treasury adoption narrative.

🟡 Long-term (neutral): Outcomes remain dependent on sustained Bitcoin price recovery and macro conditions.

🔴 Key risk: A prolonged BTC downturn could pressure earnings optics and stock sentiment, increasing funding and dilution risk.

Strategy Inc. Q4 2025 Financial Results Overview

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.

Strategy Inc. 2025 Quarterly Holdings Summary

Quarter
Total Revenue ($M)
Operating Income / Loss ($B)
Net Income / Loss ($B)
Unrealized BTC Gain / Loss ($B)
BTC Holdings (EOQ)
Avg BTC Price ($)
Q1 2025
111.1
-5.9
-4.2
-5.9
528,185
~68,459
Q2 2025
114.5
14.0
10.0
14.0
597,325
73,277
Q3 2025
128.7
3.9
2.8
3.9
640,031
74,000
Q4 2025
123.0
-17.4
-12.6
-17.4
672,500
76,052

Capital Raising Highlights

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.

What Readers Should Watch Next

Future Bitcoin Acquisitions: Monitor announcements for additional BTC purchases, as Strategy plans to raise capital through debt or equity to continue expanding its holdings beyond 713,502 BTC.
Q1 2026 Earnings Report: Keep an eye on the next quarterly results in May 2026, focusing on BTC yield metrics and any shifts in treasury strategy amid potential market recovery.
Stock Price Volatility: Track MSTR share movements in response to Bitcoin price fluctuations, given the 20.73% after-hours surge and its role as a BTC proxy for investors.
Corporate Adoption Trends: Observe if other public companies follow Strategy’s model, with updates on institutional BTC treasury strategies potentially influenced by its 22.8% annual yield.

Frequently Asked Questions

What were Strategy’s key financial figures for Q4 2025?

Strategy reported $123 million in total revenues, up 1.9% year-over-year, but incurred a $17.4 billion operating loss and $12.6 billion net loss mainly from digital asset impairments.

How much Bitcoin does Strategy hold now?

As of the end of 2025, Strategy holds 713,502 BTC, acquired at an average price of $76,052 per Bitcoin, making it the largest corporate Bitcoin holder.

What caused the massive losses in Q4?

The primary driver was $17.4 billion in unrealized losses on digital assets due to Bitcoin’s price decline during the quarter, offsetting modest revenue growth.

What is Strategy’s Bitcoin yield for 2025?

Strategy achieved a 22.8% Bitcoin yield for the year, highlighting the performance of its treasury strategy despite quarterly volatility.

How did the market react to the announcement?

Strategy’s shares surged 20.73% in after-hours trading, reflecting investor focus on long-term Bitcoin strategy over short-term losses.

Will Strategy continue its Bitcoin accumulation?

Yes, the company reaffirmed its commitment to Bitcoin as a treasury asset, with plans to raise additional capital for further acquisitions.

Trusted

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