TheBitcointreasury firm Strategy Inc., recognized as the largest corporate holder of Bitcoin, disclosed a net loss of $12.54 billion for the first quarter of 2026, primarily caused by declines in its cryptocurrency holdings.
Operating losses were reported at $14.47 billion for the period, compared to $5.92 billion from the same time last year. The overwhelming portion—$14.46 billion—of this figure is attributed to an unrealized loss on digital assets as Bitcoin prices dropped throughout the quarter. This highlights the precarious position Strategy occupies with its fortunes closely linked to the volatile Bitcoin market. In Q4 2024, the firm reported a $12.4 billion net loss.
By May 3, Strategy held 818,334 Bitcoin, marking a year-to-date increase of 22%. The current market valuation of this cache stands at approximately $66.8 billion against an initial cost basis of $61.81 billion and an average purchase price of about $75,537 per coin. Bitcoin prices recently reached nearly $81,600, achieving its highest value since January after a prolonged slump in the crypto sector.
Despite these paper losses, Strategy’s executives highlighted progress on various fronts. The company has secured $11.68 billion this year to fund its Bitcoin purchases and raised $5.58 billion for its STRC preferred equity instrument—a 189% increase from the previous year.
“Bitcoin adoption is expanding in 2026,” stated Strategy President Phong Le. “The success of digital credit through STRC has been evident, with strong demand, high liquidity, and low volatility. We have raised $5.6 billion this year from STRC gross proceeds, increased daily trading volume to $375 million, and reduced volatility to 3% amidst a Bitcoin bear market.”
Despite the slight dip in Strategy’s common stock, MSTR, during after-hours trading, it has seen significant gains recently as Bitcoin prices recover and demand for STRC shares remains robust.
MSTR closed at $186.90, up approximately 1.7% that day and nearly 56% over the past month. However, it is still down more than 51% compared to last year and traded above $400 during the previous summer.
Strategy has consistently made on-time dividend payments for its preferred equity products, amounting to over $693 million since their launch in early 2025 across 23 consecutive distributions.
The company’s core software business showed modest yet stable growth, with quarterly revenues of $124.3 million—a 11.9% increase from the previous year—and a gross margin of 67.1%.
Recently, Strategy announced plans for a shareholder vote to double STRC dividend payments to semi-monthly intervals, aiming to boost liquidity and price stability.