Strategy Inc reports fourth quarter 2025 loss, holds 713,502 bitcoins

Strategy Inc (NASDAQ: MSTR) reported a net loss of $12.4 billion for the fourth quarter of 2025, compared to a net loss of $670.8 million in the same period of 2024, according to the company's earnings statement.

The loss was primarily driven by an unrealized loss of $17.4 billion on digital assets during the quarter. The company holds 713,502 bitcoins as of February 1, 2026, with an original cost basis of $54.26 billion and a current market value of $59.75 billion.

Strategy raised $25.3 billion in capital during 2025 through various equity offerings, making it the largest U.S. equity issuer for the year. The company completed five initial public offerings of preferred stock, raising $5.5 billion in gross proceeds.

Total revenues for the quarter were $123.0 million, a 1.9% increase year-over-year. Subscription services revenues grew 62.1% to $51.8 million, while product support revenues declined 16.9% to $48.5 million.

The company established a $2.25 billion USD Reserve providing approximately 2.5 years of coverage for preferred stock dividends and debt interest payments. Strategy paid $413 million in cumulative distributions on its preferred equity instruments, with a blended annual dividend rate of 9.6%.

For tax purposes, 100% of distributions paid during 2025 on the company's preferred equity instruments were treated as nontaxable return of capital. The company expects this treatment to continue for ten years or more based on its current earnings and profits position.

Strategy achieved a BTC Yield of 22.8% for fiscal year 2025, within its target range of 22.0% to 26.0%. The company acquired 41,002 bitcoins in January 2026 alone using proceeds from ongoing equity programs.

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