Strategy posts $12.5B Q1 net loss on unrealized Bitcoin losses

Strategy posted a $12.54B Q1 2026 net loss, driven by $14.46B in unrealized losses on digital assets. The company now reports 818,334 Bitcoin held. Company report.

Operating metrics show pressure. Revenue inched up.

Key numbers
- Operating loss Q1 2026: $14.47B vs $5.92B in Q1 2025 (report)
- Included unrealized digital-asset loss: $14.46B in Q1 2026 (report)
- Net loss: $12.54B, or $38.25 diluted EPS, vs $4.22B, or $16.49, a year ago (report)
- Revenue: $124.3M, up 11.9% YoY from $111.1M (report)
- Cash and equivalents: $2.21B as of Mar 31, 2026, vs $2.30B on Dec 31, 2025 (report)

Bitcoin exposure
- 2026 YTD BTC yield: 9.4%; BTC dollar gain: $4.97B (report)
- Holdings as of May 3, 2026: 818,334 BTC; cost basis $61.81B; market value $64.14B (report)
- Average cost per BTC: $75,537; average market price: $78,374 as of May 1, 2026 (report)