Overview
- The company reported a fourth‑quarter operating loss of $17.4 billion and a common‑shareholder net loss of $12.6 billion under fair‑value accounting.
- MicroStrategy disclosed 713,502 BTC acquired at an average $76,052 per coin, now valued around $45.4–$46 billion versus a $54.26 billion cost basis.
- Management said Bitcoin would need to fall to about $8,000 before holdings no longer cover net debt, with all BTC unencumbered and not pledged as collateral.
- The firm holds $2.25 billion in cash covering roughly 30 months of preferred dividends, with no major debt maturities until 2027.
- Shares fell about 17% to $107 during Thursday trading as market‑to‑NAV compressed near 0.85x and crypto‑treasury peers faced more than $25 billion in unrealized losses.