Strategy reported a net loss of $12.4 billion in the fourth quarter of 2025, attributing the result to bitcoin’s 22% decline during the quarter.
Bitcoin peaked near $126,000 in early October before falling to under $88,500 by Dec. 31.
Bitcoin was also reported down about 30% year to date to roughly $64,500, below Strategy’s average cost basis of $76,052 per BTC.
Revenue and stock move
Strategy said Q4 revenue rose 1.9% year-on-year to $123 million, helped in part by its business intelligence business.
Shares closed down 17% on Thursday at $107 as bitcoin sold off.
Treasury position and leverage
The company’s latest drawdown left Strategy down about 17.5% on its 713,502 BTC position.
Strategy’s bitcoin holdings can be tracked over time via Bitbo’s Strategy treasury page.
Strategy said it ended Q4 with $2.25 billion in cash, which it said covers 30 months of dividend payouts.
The firm also said it has no major debt maturities until 2027.
Executives push back on solvency fears
Chief financial officer Andrew Kang said the company’s capital structure remains “stronger and more resilient today than ever before.”
Chief executive Phong Le told investors on an earnings call:
“I’m not worried, we’re not worried, and no, we’re not having issues.”
Le added that Strategy’s enterprise value remains above its roughly $45 billion bitcoin reserve.
He also said the company has $8.2 billion of convertible debt, which he described as about 13% net leverage.
