Strategy, the largest corporate holder of bitcoin, saw earnings sink below estimates amid a major cryptocurrency sell-off last quarter.
Its loss per share was US$38.25, below its loss of $16.49 one year ago and well below the Zacks consensus estimate of a $3.41 loss. Revenue increased 11.9% to $124.30 million, missing estimates by 0.24%.
“Adoption of Bitcoin continues to grow in 2026,” said CEO and president Phong Le. “Digital Credit, highlighted by STRC, has been a big success.” STRC is Strategy’s perpetual preferred stock.
“We raised $5.6 billion year-to-date of STRC gross proceeds, increased daily trading volume to $375 million, while bringing volatility down to 3%, all done during a bitcoin bear market.”
Strategy’s operating loss widened to $14.47 billion, compared with a loss of $5.92 billion a year ago. The company said this was due to an unrealised loss of $14.46 billion on its digital assets.
Bitcoin prices plummeted during the quarter, losing around 45% of their value from November to early February. Prices have begun to rebound, reaching the $81,000 mark for the first time in three months this week, but remain far below their November peak of more than $126,000.
Strategy is prepared to sell some of its Bitcoin holdings to fund a dividend, founder and executive chair Michael Saylor said on today’s earnings call. “The more optionality we create and the more tools we have at our disposal, I think the better it is for the equity investors,” said Saylor.
The company’s bitcoin holdings were 818,334 last quarter, which it said was 3.9% of all bitcoin ever produced. Bitcoin yields were 9.4% across 2026 to date, falling from 13.7% one year ago.
Strategy (NASDAQ: MSTR) shares closed 1.7% higher at $186.90, but fell 4.3% after-hours. Its market capitalisation is $65.58 billion.



