Bitcoin treasury Strategy posts $12.4b Q4 loss but Saylor tells investors not to panic

Bitcoin juggernaut Strategy on Thursday posted a quarterly loss of $12.4 billion — but the firm’s bosses reassured investors and told them to “hold on” as crypto markets plunged.

In an earnings call following the publicly traded company’s Q4 2025 results, co-founder Michael Saylor, CEO Phone Le, and executive vice president and chief financial officer Andrew Kang all told investors that Strategy was in the crypto accumulating game for the long-term.

“The two words on the back of the Hitchhikers Guide to the Galaxy: Don’t panic,” Saylor, the pioneer of the company’s crypto stacking pivot, said.

HODL
— Michael Saylor (@saylor) February 5, 2026

Strategy’s quarterly results come as the price of Bitcoin nosedives. The leading digital coin was trading for $63,928 Thursday afternoon in New York after dropping 13% over the past day. The asset is down nearly 49% from its October record of $126,080.

Nasdaq-listed Strategy’s shares (MSTR) closed down over 17% on Thursday.

Losses not to worry about

Software company Strategy — formerly MicroStrategy — posted the big loss mainly because of the decline in the value of its huge Bitcoin holdings.

The company now holds 713,502 Bitcoins worth $45.9 billion at Bitcoin’s current price. Strategy spent $54.2 billion on the buys, meaning an unrealised loss of $8.3 billion.

Investors buy Strategy stock — and its other yield offerings — to get exposure to the cryptocurrency. But when the price of the asset dips, MSTR, aimed at giving investors supercharged gains by outperforming the cryptocurrency, takes a hit too.

MSTR stock is currently down 75% from its peak last July of nearly $435.

But investors need to zoom out, Le said. “Some of you bought Bitcoin or MSTR in the last year and this is your first downturn — my advice is to hold on: remember the fundamentals that cause you to buy Bitcoin.”

Crypto crash

Strategy’s loss comes as crypto markets tumble hard. Every major digital coin and token has been battered by Bitcoin’s fall, which started in the final quarter of 2025: Crypto markets have struggled to recover since the largest liquidation event in the history of digital assets wiped out more than $19 billion in bets.

Though large swings in the price of Bitcoin are to be expected and experts have said asset’s drop so far has been shallow compared to previous bear markets.

MSTR investors will be hoping it stays that way.