Strategy reported a $12.4 billion net loss in the fourth quarter of 2025, driven by a sharp decline in Bitcoin prices that sent its shares down 17%.
Bitcoin fell 22% over the quarter after peaking at $126,000 in early October, leaving Strategy down about 17.5% on its 713,502 Bitcoin holdings as prices dropped below its average purchase cost.
“I’m not worried, we’re not worried, and no, we’re not having issues,”
Said Strategy chief executive, Phong Le, as executives sought to reassure investors over the company’s financial position.
Despite the loss, Strategy said fourth-quarter revenue rose 1.9% year on year to $123 million, supported by its business intelligence division.
Chief financial officer Andrew Kang said the company’s capital structure remains “stronger and more resilient today than ever before,” pointing to $2.25 billion in cash covering around 30 months of dividends.
Strategy also said it has no major debt maturities until 2027, reducing near-term pressure to sell Bitcoin to meet obligations.
Le added that the company’s enterprise value still exceeds the value of its Bitcoin reserves and that its $8.2 billion in convertible debt represents relatively low leverage compared with most S&P 500 companies.
At the time of reporting, Bitcoin price was $64,819.44.