As Others Sell, Strategy Doubles Down on Bitcoin
Michael @saylor's Strategy released its Q1 2026 results Tuesday, reporting a net loss of $12.54 billion, or $38.25 per diluted share, while holding 818,334 BTC.
The loss largely reflected a $14.46 billion unrealized impairment on its Bitcoin position under new fair-value accounting rules. Strategy said its Bitcoin treasury is up 22% year-to-date.
The company reported a cost basis of $61.81 billion versus a market value of $64.14 billion, with an average purchase price of $75,537 per coin. BTC Yield reached 9.4% YTD, alongside a $5 billion BTC Gain.
Strategy has raised $11.68 billion year-to-date through at-the-market offerings, making it the largest U.S. equity issuer of 2026. Its preferred stock product, $STRC, expanded to $8.5 billion in nine months and is now the world's largest preferred stock by market capitalization.
The company has paid $692.5 million in cumulative dividends across 23 consecutive distributions. CEO Phong Le cited Morgan Stanley, Goldman Sachs and Citi adding Bitcoin custody and trading as a sign of accelerating institutional adoption.