Strategy Reports $17.44B Q4 Unrealized Bitcoin Loss as Holdings Rise to 673,783 BTC

Barchart·01/05/2026 18:02:22

Strategy Inc. ($MSTR) reported a $17.44 billion unrealized loss in the fourth quarter after a decline in bitcoin prices reduced the fair value of its cryptocurrency holdings, following the company’s adoption of fair-value accounting for digital assets.

• The unrealized loss was tied to Strategy’s bitcoin holdings, which totaled 673,783 BTC as of January 4, 2026.
• The company adopted new accounting standards in 2025 requiring bitcoin holdings to be marked to market, resulting in large quarterly profit and loss swings.
• Strategy recorded a $5 billion deferred tax benefit in the most recent quarter, according to a U.S. SEC filing.
• During the final days of December 2025 and early January 2026, Strategy acquired 1,286 bitcoin for approximately $116.3 million through at-the-market equity sales.
• As of December 31, 2025, digital assets were carried at $58.85 billion, with a $2.25 billion cash reserve and $41.5 billion available for future equity issuance.
• Strategy shares have declined nearly 70% from their November 2024 peak, with mNAV falling to just above 1.

Relevant Companies

• Strategy Inc. ($MSTR): Financial results are directly affected by changes in the fair value of its bitcoin holdings.

Editor’s Note: This is a developing story. This article may be updated as more details become available.

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