As Bitcoin (BTC) lost momentum after once surpassing $120,000 and plunged to around the $60,000 level, cryptocurrency heavyweight Strategy has posted a record-breaking quarterly loss worth trillions of won, facing the greatest crisis in its corporate history.
According to cryptocurrency media outlet BeInCrypto on February 6 (local time), Strategy announced in its Q4 2025 earnings report that unrealized losses from the Bitcoin price collapse led to a net loss of $12.6 billion. This figure is nearly 19 times larger than the $671 million loss recorded in the same period a year earlier and ranks among the largest single-quarter losses in U.S. listed company history. The company explained that applying fair value accounting for its digital asset holdings caused the Bitcoin price decline to be fully reflected in its financial statements.
Strategy currently holds a total of 713,502 BTC, but as market prices recently fell below its average acquisition cost of $76,052, the balance-sheet value of its assets has been severely impaired. With Bitcoin sinking to the low $60,000 range, the valuation loss on the company’s cryptocurrency holdings has exceeded $17.4 billion. What was once dubbed “Saylor’s magic,” when the firm enjoyed more than $30 billion in book gains, has turned into fundamental doubts about management’s capital allocation strategy as Bitcoin’s price was cut in half.
Market reaction was cold. Strategy shares closed at $106.99 on the Nasdaq, plunging 17.12% after the earnings announcement, and continued to slide in after-hours trading, putting even the $100 level at risk. Concerns are spreading over the company’s ability to service $8.2 billion in convertible bonds and pay preferred dividends, accelerating investor exits. Despite Chairman Michael Saylor’s explanation that “we are playing a long-term game of accumulating Bitcoin,” the market is focusing on the boomerang effect of aggressive, leverage-driven investment.
Despite mounting financial pressure, Strategy remains undeterred, having purchased an additional 41,002 BTC in January alone. CEO Phong Le emphasized that the company raised $25.3 billion in capital throughout 2025 to expand its Bitcoin reserves and currently holds $2.25 billion in cash, sufficient to cover dividend payments for more than two years. The firm views Bitcoin not merely as an investment but as a core financial asset hedging against the collapse of the fiat currency system, and it is maintaining its plan to secure more than 3% of total supply by 2027.
However, warnings are mounting that if Bitcoin fails to quickly reclaim the $65,000 resistance level, Strategy’s stock downturn could spread into a broader liquidity crisis across the digital asset ecosystem. Major Wall Street institutions, including JP Morgan, have pointed out that Strategy’s leveraged model could become a fatal weakness threatening the company’s survival in a downturn. Investors are watching closely, viewing the fate of a company that declared a “Bitcoin standard” as a key inflection point for gauging the future direction of the cryptocurrency market, while strengthening their risk management.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for losses incurred based on it. The content should be interpreted solely for informational purposes.*
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