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Jai Hamid

Strategy posts $12.4 billion Q4 2025 loss, bitcoin write-downs drive 18% stock plunge

Strategy reported a $12.4 billion net loss for the fourth quarter of 2025, largely due to unrealized losses on its sizable bitcoin holdings under fair value accounting, while the stock dropped 18% in a single session. The company also booked a $17.4 billion operating loss tied to digital asset markdowns, expanded its bitcoin position to 713,502 BTC, and raised $25.3 billion in 2025 to bolster a USD reserve for dividend coverage. Core software revenue inched higher, but product support declined and margins narrowed.