Strategy’s Bitcoin Treasury Is Underwater But 2025 Results Still Impressive

Strategy, the world’s largest company Bitcoin holder, reported proudly owning 713,502 BTC, value roughly $59.75 billion as of February 1st. The firm’s complete price foundation for these holdings is $54.26 billion, which interprets to a mean price of $76,052 per bitcoin.

With Bitcoin dropping to nearly $60,000, nicely beneath Strategy’s common buy worth, the agency’s huge BTC treasury is presently underwater.

Treasury Under Strain

In 2025, Strategy achieved a full-year BTC yield of twenty-two.8% and recorded positive factors of 101,873 BTC. The firm continued to broaden its BTC treasury in January 2026 and ended up buying a further 41,002 BTC.

Strategy began in 1989 as a standard software program firm targeted on knowledge analytics. In 2020, co-founder Michael Saylor made a significant pivot to Bitcoin, seeing it as a safer various to money throughout pandemic-era stimulus and low rates of interest. The firm started utilizing BTC as a long-term treasury asset.

By 2025, it rebranded as Strategy and totally embraced its position as a BTC-first firm. The pivot drew consideration from regulators and index suppliers, who questioned whether or not a agency dominated by crypto ought to stay in main indices. MSCI urged corporations holding greater than half their property in Bitcoin is likely to be thought of non-operating. Strategy, nonetheless, argued that it actively makes use of Bitcoin to boost capital and drive shareholder worth. Attempts to hitch the S&P 500 in September and December 2025 additionally failed.

Despite this, Strategy’s Bitcoin holdings have remained central to its monetary construction and are carefully tied to its digital credit score devices, notably STRC, which acts as a complementary device for danger administration and capital amplification. STRC’s progress to $3.4 billion has been supported by increased liquidity and decrease volatility within the crypto markets.

The firm raised $25.3 billion in 2025 to assist its BTC treasury and most popular inventory choices, which made it the most important US fairness issuer for the second consecutive 12 months. It additionally maintains a $2.25 billion USD Reserve, masking over 2.5 years of most popular inventory dividends and curiosity obligations, offering further stability amid market swings.

The current dip within the main crypto asset has renewed issues about company BTC publicity. Popular investor Michael Burry lately claimed that Bitcoin’s habits as a speculative asset, slightly than a hedge, might pose vital dangers for corporations holding massive BTC treasuries. He noticed that additional worth declines might depart main holders, together with Strategy, deeply underwater and doubtlessly restrict entry to capital markets, thereby amplifying monetary stress.

Losses Surge in This fall

Meanwhile, Strategy’s working losses for the quarter have been discovered to be $17.4 billion, completely on account of unrealized losses on digital property, in contrast with a $1.0 billion working loss in This fall 2024 underneath the prior accounting mannequin.

Net loss for the quarter was $12.4 billion, up from $670.8 million in the identical interval of 2024. Cash and money equivalents rose to $2.3 billion from $38.1 million, pushed largely by the institution of the USD Reserve.

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