Strategy Loses $1.2 Billion Buying Bitcoin in Q1

Michael Saylor's firm accounts for 94% of corporate bitcoin purchases as other firms sell off holdings.

Apr. 6, 2026 at 2:06pm

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Strategy, the company formerly known as MicroStrategy, lost over $1.2 billion buying bitcoin in the first quarter of 2026. The company's aggressive, leveraged bitcoin purchases accounted for 94% of all bitcoin acquired by public companies during the period, far outpacing other firms that have been selling off their holdings.

Why it matters

Strategy's massive bitcoin purchases and losses highlight the risks of the company's highly concentrated bitcoin treasury strategy, which has come under scrutiny as the cryptocurrency market has declined. The contrast between Strategy's continued buying and other firms liquidating their positions shows the consolidation of corporate bitcoin holdings toward a single player.

The details

During Q1 2026, Strategy purchased 88,594 BTC at a volume-weighted average price of $80,929 per coin, spending $7.25 billion. At the end of the quarter, those purchases had lost $1.25 billion in value, or $14,099 per BTC. In contrast, all other public companies combined purchased only around 4,000 BTC over the same period, a 99% decline from their peak in August 2025. Several large bitcoin treasury firms, including MARA Holdings, Riot Platforms, and Cango, liquidated portions of their holdings during Q1.

  • In Q1 2026, Strategy purchased 88,594 BTC.
  • As of Friday, March 31, 2026, Strategy's Q1 bitcoin purchases had lost over $1.2 billion in value.

The players

Strategy

Formerly known as MicroStrategy, Strategy is a company that has made bitcoin a central part of its corporate treasury strategy, accumulating over 762,099 BTC, or roughly 65% of all bitcoin held by public companies.

Michael Saylor

The co-founder and executive chairman of Strategy, who has been the driving force behind the company's aggressive bitcoin buying strategy.

MARA Holdings

A public company that sold over 15,100 BTC for roughly $1 billion in Q1 2026.

Riot Platforms

A public company that dumped over 3,700 BTC for about $290 million in Q1 2026.

Cango

A public company that slashed its bitcoin holdings by roughly 60%, unloading more than 4,400 BTC in Q1 2026.

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What’s next

As the cryptocurrency market continues to fluctuate, investors will be closely watching to see if Strategy maintains its aggressive bitcoin buying strategy or if the company adjusts its approach in response to the losses.

The takeaway

Strategy's massive bitcoin purchases and losses highlight the risks of a highly concentrated bitcoin treasury strategy, as the company now holds over 65% of all bitcoin held by public companies. The contrast with other firms liquidating their holdings shows the consolidation of corporate bitcoin ownership toward a single player, raising questions about the long-term sustainability of this approach.