Overview
- Strategy reported a Q4 operating loss of about $17.4 billion and a net loss of roughly $12.6 billion after adopting fair‑value accounting that marked its bitcoin lower.
- The company now holds 713,502 BTC—about 3.4% of eventual supply—and continued buying in early February, including 855 coins acquired at an average price near $88,000.
- CEO Phong Le said bitcoin would need to drop to roughly $8,000 and stay there for five to six years to pressure debt service, citing a $2.25 billion cash reserve and no price‑based covenants.
- MSTR plunged on the earnings headline then rebounded roughly 20%–25% as bitcoin recovered from Thursday’s lows, underscoring the stock’s tight correlation with BTC moves.
- Eleven U.S. state pension funds holding about 1.8 million MSTR shares are sitting on an estimated $337 million in unrealized losses following the recent drawdown.