Strategy, formerly MicroStrategy, reports $8.32 billion unrealized loss as bitcoin trades 32% below year-ago levels.
MicroStrategy, rebranded as Strategy (NASDAQ:MSTR), posted an $8 billion quarterly loss as bitcoin (BTC) fell 32% from its year-ago price. The company’s $8.32 billion unrealized loss last quarter reflects its heavy exposure to cryptocurrency markets, where it holds 846,000 BTC.
Strategy’s balance sheet relies on continuous capital markets access, funding bitcoin accumulation through equity offerings and convertible notes. Its legacy analytics business, now shifting to cloud subscriptions, contributes minimally to revenue. A 12% dividend rate consumed over $400 million in a single quarter, signaling funding stress.
Bitcoin’s 19.98% rally to $77,203 last week lifted MSTR shares 28.17%, mirroring a Q3 2025 pattern where a similar bitcoin move generated a $3.89 billion unrealized gain and $8.42 EPS.