Strategy Inc Reports Massive Q4 2025 Losses, Expands Bitcoin Holdings

Company's Bitcoin-focused strategy leads to $12.4 billion net loss, but holdings now exceed 713,000 coins

Feb. 6, 2026 at 10:07am

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Strategy Inc, the largest corporate holder of Bitcoin, reported substantial losses of $12.4 billion for the fourth quarter of 2025, driven by unrealized losses on its digital asset holdings. However, the company continued to aggressively expand its Bitcoin position, now holding over 713,500 coins, or approximately 3.4% of the total Bitcoin in circulation. Despite the losses, Strategy remains committed to its long-term Bitcoin-centric strategy, which includes the expansion of its 'Digital Credit' platform.

Why it matters

Strategy Inc's heavy investment in Bitcoin has made it a bellwether for the cryptocurrency's adoption in the corporate world. The company's massive losses highlight the volatility and risks associated with such a concentrated Bitcoin position, even as it continues to grow its holdings. The performance of Strategy's stock and its 'Digital Credit' instruments will be closely watched as a barometer for investor sentiment around Bitcoin-focused corporate strategies.

The details

Strategy Inc reported a net loss of $12.4 billion, or $42.93 per diluted share, for the fourth quarter of 2025, compared to a net loss of $670.8 million in the same period last year. The losses were largely driven by a $17.4 billion unrealized loss on the company's Bitcoin holdings. Despite this, Strategy continued to aggressively expand its Bitcoin position, increasing its holdings to 713,502 coins as of February 1, 2026, representing approximately 3.4% of all Bitcoin in existence. The company's 'Digital Credit' platform, centered around its STRC instrument, has also scaled to an aggregate stated amount of $3.4 billion, with $413 million in cumulative distributions paid out.

  • Strategy Inc reported its Q4 2025 earnings on February 5, 2026.
  • As of February 1, 2026, Strategy Inc held 713,502 Bitcoin.

The players

Strategy Inc

A publicly-traded company (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) that is the largest corporate holder of Bitcoin, with over 713,500 coins in its possession.

Michael Saylor

The Executive Chairman of Strategy Inc, who has emphasized the company's long-term vision and the complementary nature of its MSTR common stock and STRC instruments.

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What they’re saying

“Strategy has built a digital fortress anchored by 713,502 bitcoins and our shift to Digital Credit, which aligns with our indefinite bitcoin horizon.”

— Michael Saylor, Executive Chairman, Strategy Inc

What’s next

Strategy Inc plans to continue expanding its 'Digital Credit' platform, STRC, to generate further amplification and drive growth in Bitcoin Per Share (BPS) for its MSTR common stock investors. The company is also updating its rules-based framework for adjusting STRC dividend rates to maintain the trading price of STRC Stock near its $100 stated amount.

The takeaway

Strategy Inc's massive losses and continued Bitcoin accumulation highlight the risks and volatility associated with a corporate strategy heavily focused on a single digital asset. However, the company remains committed to its long-term Bitcoin-centric vision, which includes the expansion of its 'Digital Credit' platform as a way to generate returns and manage volatility for its investors.