Michael Saylor’s Strategy Posts $17.4B Q4 Unrealized Loss On Digital Assets

Strategy, the public company that has tied its identity to Bitcoin, reported a $17.44B unrealized loss on digital assets for the three months ended Dec. 31, 2025, according to an 8-K filing on Monday.

The filing also listed a $5.01B deferred tax benefit tied to that quarterly loss, giving investors a window into how the accounting swings with crypto prices even when the company keeps holding.

For the full year ended Dec. 31, 2025, Strategy said it recorded a $5.40B unrealized loss on digital assets and a $1.55B associated deferred tax benefit.

Strategy Keeps Buying Bitcoin Despite Q4 Unrealized Loss

Strategy said its digital asset carrying value stood at $58.85B as of Dec. 31, 2025, alongside a $2.42B related deferred tax liability, showing the scale of the balance sheet it has built around crypto.

Even with the Q4 hit, the company kept buying. Strategy said it acquired 1,283 BTC between Jan. 1 and Jan. 4 for $116M at an average purchase price of $90,391, bringing aggregate Bitcoin holdings to 673,783 as of Jan. 4.

The company funded those purchases through stock sales under its at-the-market program. Strategy said the Bitcoin buys were made using proceeds from sales of its Class A common stock, and it reported net proceeds of $116.3M from selling 735,000 shares between Jan. 1 and Jan. 4.

Capital Raises And Liquidity Buffers Frame Strategy’s Crypto Bet

It also reported net proceeds of $195.9M from selling 1,255,911 shares between Dec. 29 and Dec. 31, continuing a familiar playbook of raising equity and converting it into Bitcoin.

Strategy’s aggregate purchase price for its Bitcoin position was $50.55B as of Jan. 4, with an average purchase price of $75,026, according to the filing.

The company also said it maintained a $2.25B US dollar reserve as of Jan. 4 to support dividend payments on preferred stock and interest on outstanding debt, a liquidity buffer that matters when crypto markets turn.

Strategy cautioned that the financial information in the 8-K was prepared by management, and said its independent auditor, KPMG, had not audited or reviewed the figures and did not express an opinion on them.