Saylor’s Strategy faces multibillion‑dollar Q4 loss after 24% Bitcoin slide reverses $2.8 billion profit

Michael Saylor's company Strategy is preparing to post a multibillion‑dollar fourth‑quarter loss after Bitcoin dropped about 24% during the period, reversing a $2.8 billion profit from the previous quarter. The loss stems from unrealized markdowns on roughly $60 billion in Bitcoin holdings under a fair‑value accounting method adopted in Q1 2024. Strategy's shares fell sharply in 2025 amid worries over cash flow, debt servicing and a shrinking valuation premium, even as the stock and Bitcoin both rebounded on the first trading day of 2026.