Strategy Inc., the Bitcoin treasury company that is the largest corporate holder of the cryptocurrency, reported a net loss of $12.54 billion for the first quarter of 2026 on Wednesday. The staggering figure is almost entirely driven by a decline in the value of its massive BTC stockpile.
The company's operating loss for the quarter reached $14.47 billion, compared with $5.92 billion during the same period a year earlier. The bulk of that figure-$14.46 billion-reflects an unrealized loss on its digital assets as Bitcoin prices fell during the quarter.
As of May 3, the company held 818,334 Bitcoin, a 22% increase year to date. That stash currently has a market value of approximately $66.8 billion against an original cost basis of $61.81 billion, with an average purchase price of roughly $75,537 per coin. Bitcoin recently traded at about $81,600.
Despite the paper losses, Strategy's leadership pointed to progress on multiple fronts. The company has raised $11.68 billion year to date to fund its Bitcoin acquisitions, and its newer preferred equity instrument, STRC, has raised $5.58 billion-a 189% increase year over year.
Strategy's common stock, MSTR, finished the trading day at $186.90, up about 1.7% on the day and nearly 56% in the last month. However, shares are down more than 51% over the last year and traded well above $400 last summer.