Financial Data and Key Metrics Changes - The company reported an operating loss of $17.4 billion and a net loss of $12.6 billion for Q4 2025, driven by a decline in Bitcoin's fair value under mark-to-market accounting [8] - For the full year 2025, the company reported an operating loss of $5.4 billion and a net loss of $4.2 billion, with results within target guidance based on Bitcoin price [8] - The digital assets increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025, reflecting a $17.9 billion increase in fair value [11] Business Line Data and Key Metrics Changes - The company successfully raised over $25 billion in total capital during 2025, funding growth across its treasury strategy and expanding its product ecosystem [4] - The company established a cash reserve of $2.25 billion in Q4, providing over 2.5 years of dividend coverage [6][18] - The company achieved a BTC Yield of 22.8% for the year, translating into a total BTC gain of 101,873 Bitcoin and a BTC dollar gain of $8.9 billion [9] Market Data and Key Metrics Changes - The market value of the company's Bitcoin holdings increased by approximately $17 billion, from $41.8 billion at the end of 2024 to $58.9 billion at the end of 2025 [16] - The company added approximately 225,000 Bitcoin during the year, increasing total holdings from 447,000 to 672,500 Bitcoin [17] Company Strategy and Development Direction - The company adopted fair value accounting at the beginning of the year, enhancing transparency of Bitcoin holdings [5] - The company aims to systematically increase Bitcoin per share over time, regardless of near-term market cycles, and to deliver durable BTC value for long-term investors [10] - The company is focused on digital credit issuance through its Stretch product, which is expected to amplify common equity and increase Bitcoin per share [46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions but emphasized the importance of holding onto Bitcoin and the fundamentals that support its value [21] - The company believes that the political landscape is increasingly supportive of Bitcoin, with significant recognition from key government officials [48][49] - Management expressed confidence in the company's ability to service its debt and dividends, even in a volatile Bitcoin market [33] Other Important Information - The company received its first-ever credit rating for a Bitcoin treasury company, marking a significant step in institutional recognition [6] - MSCI confirmed that digital asset treasury companies will remain eligible for inclusion in its global market indices, which is seen as a positive outcome [7] - The company has been actively engaging with regulators and policymakers to support its efforts on index inclusion [19] Q&A Session Summary Question: How does the company plan to manage its debt in a volatile Bitcoin market? - Management stated that they are not worried about servicing their convertible debt, as their Bitcoin reserve provides long-term durability [33] Question: What is the company's strategy for increasing Bitcoin per share? - The company plans to issue digital credit through Stretch, which is expected to amplify common equity and increase Bitcoin per share over time [46] Question: How does the company view the current political support for Bitcoin? - Management highlighted the significant shift in political attitudes towards Bitcoin, with key government officials now recognizing its importance [48][49]

Financial Data and Key Metrics Changes - The company reported an operating loss of $17.4 billion and a net loss of $12.6 billion for Q4 2025, driven by a decline in Bitcoin's fair value under mark-to-market accounting [8] - For the full year 2025, the operating loss was $5.4 billion and the net loss was $4.2 billion, with results within target guidance based on Bitcoin price [8] - Digital assets increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025, reflecting a $17.9 billion increase in fair value [11] - Total equity rose to $51.1 billion at the end of 2025, up from $22.8 billion a year ago, due to the addition of $6.9 billion in preferred equity [13] Business Line Data and Key Metrics Changes - The company added approximately 225,000 Bitcoin during 2025, increasing total holdings from 447,000 to 672,500 Bitcoin [17] - The Bitcoin yield for the year was 22.8%, translating into a total BTC gain of 101,873 Bitcoin and a BTC dollar gain of $8.9 billion [9] Market Data and Key Metrics Changes - The market value of Bitcoin holdings increased by approximately $17 billion from $41.8 billion at the end of 2024 to $58.9 billion at the end of 2025 [16] - The company established a $2.25 billion cash reserve in Q4, providing over 2.5 years of dividend coverage [6][18] Company Strategy and Development Direction - The company aims to systematically increase Bitcoin per share over time, regardless of market cycles, and to build durable shareholder value [10] - The adoption of fair value accounting and the receipt of the first-ever credit rating for a Bitcoin treasury company are seen as strategic milestones [5][6] - The company plans to focus on digital credit issuance to amplify common equity and increase Bitcoin per share [45] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of holding onto Bitcoin during market downturns, citing the fundamentals of Bitcoin as unchanged [21][22] - The company is optimistic about the future, with plans to continue raising capital and acquiring more Bitcoin [25] - Management expressed confidence in the company's ability to service debt and dividends despite Bitcoin price fluctuations [33] Other Important Information - MSCI confirmed that digital asset treasury companies will remain eligible for inclusion in its global market indices, which is viewed positively by the company [7][19] - The company has been actively engaging with regulators and policymakers to support its efforts on index inclusion [19] Q&A Session Summary Question: How does the company plan to manage its debt in a volatile Bitcoin market? - Management stated that they are not worried about servicing convertible debt, as the Bitcoin reserve significantly exceeds net debt, even in extreme downside scenarios [34][35] Question: What is the company's strategy for increasing Bitcoin per share? - The strategy involves issuing digital credit to amplify common equity, which is expected to increase Bitcoin per share over time [45][46]

Financial Data and Key Metrics Changes - The company reported an operating loss of $17.4 billion and a net loss of $12.6 billion for Q4 2025, driven by a decline in Bitcoin's fair value under mark-to-market accounting [6] - For the full year 2025, the company reported an operating loss of $5.4 billion and a net loss of $4.2 billion, with results within target guidance based on Bitcoin price [6][10] - The digital assets increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025, reflecting a $17.9 billion increase in fair value [10][14] Business Line Data and Key Metrics Changes - The company successfully raised over $25 billion in total capital during 2025, funding growth across its treasury strategy and expanding its product ecosystem [3] - The company established a cash reserve of $2.25 billion in Q4, providing over 2.5 years of dividend coverage [5][16] - The company achieved a BTC yield of 22.8% for the year, translating into a total BTC gain of 101,873 Bitcoin and a BTC dollar gain of $8.9 billion [7][8] Market Data and Key Metrics Changes - The market value of the company's Bitcoin holdings increased from $41.8 billion at the end of 2024 to $58.9 billion at the end of 2025, despite recognizing an unrealized fair value loss of about $5.4 billion throughout the year [14][15] - The company added approximately 225,000 Bitcoin during the year, increasing total holdings from 447,000 to 672,500 Bitcoin [15] Company Strategy and Development Direction - The company adopted fair value accounting at the beginning of the year, enhancing transparency regarding Bitcoin holdings [4] - The company aims to systematically increase Bitcoin per share over time, regardless of near-term market cycles, and to continue delivering durable BTC value for long-term investors [9] - The company is focused on digital credit issuance through its Stretch product, which is expected to amplify common equity and increase Bitcoin per share [43][45] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining a long-term focus despite short-term price volatility in Bitcoin [14] - The company believes that the fundamentals supporting Bitcoin as a digital asset remain unchanged, and it encourages shareholders to hold their investments through downturns [20][21] - Management expressed confidence in the company's ability to service its debt and pay dividends, even in a challenging market environment [32][34] Other Important Information - The company received its first-ever credit rating for a Bitcoin treasury company, marking a significant step in institutional recognition [5] - MSCI confirmed that digital asset treasury companies will remain eligible for inclusion in its global market indices, which the company views as a positive outcome [5][18] - The company has been actively engaging with regulators and policymakers to support its efforts for index inclusion and to address concerns regarding digital assets [18][19] Q&A Session Summary Question: How does the company plan to manage its debt in a volatile Bitcoin market? - Management stated that they are not worried about servicing their convertible debt and have plans to equitize it over time if necessary [34] Question: What is the company's strategy for increasing Bitcoin per share? - The company plans to sell digital credit through its Stretch product, which is designed to amplify common equity and increase Bitcoin per share [43][45] Question: How does the company view the current regulatory environment for Bitcoin? - Management highlighted the positive shift in government attitudes towards Bitcoin, noting increased support from key political figures [48][50]

Core Insights - Prominent digital asset treasuries (DATs) are experiencing significant unrealized losses due to the recent decline in cryptocurrency prices, with firms like BitMine Immersion Technologies (BMNR) and Strategy (MSTR) facing substantial financial setbacks [1][2] Group 1: Financial Performance of Digital Asset Treasuries - BMNR has reported approximately $8.4 billion in losses from its Ethereum investments, while Strategy holds $9.2 billion in paper losses from Bitcoin purchases [1] - Bitcoin has seen a 24% decline over the past week, trading around $63,708, while Ethereum has dropped nearly 34%, reaching around $1,867 [2] - The total losses across various DATs have exceeded $25 billion, including around $1 billion in unrealized losses for Forward Industries and over $100 million for firms holding Hyperliquid (HYPE) and BNB [7] Group 2: Market Sentiment and Predictions - The likelihood of Strategy selling some of its Bitcoin holdings has increased, with predictions indicating a 32% chance of this occurring within the year [6] - Michael Saylor, co-founder of Strategy, has publicly maintained a bullish stance on Bitcoin, emphasizing the importance of buying and holding despite the current market conditions [4] - Criticism has emerged from both traditional financial analysts and crypto-natives regarding the sustainability of digital asset treasuries, with some suggesting that the market may not be viable in the long term [7]

Michael Saylor‘s Strategy Inc. posted a staggering $12.4 billion net loss for the fourth quarter of 2025, driven almost entirely by unrealized losses on its bitcoin treasury as crypto prices tumbled. The company disclosed Wednesday that it now holds 713,502 bitcoins acquired at a total cost of $54.26 billion, representing an average purchase price of $76,052 per coin. Despite the paper losses, Strategy added 41,002 bitcoins in January 2026 alone, signaling no retreat from its core accumulation strategy. ...

智通财经APP获悉，在全球科技股持续承压的背景下，加密资产遭遇新一轮集中抛售。周四，比特币价 格跌破7万美元关口，过去24小时内大跌超13%，最低触及62333美元。以太坊同步下挫11%至1,888美 元，加密市场整体波动明显加剧。 市场人士指出，本轮加密资产下跌与美股科技板块走弱高度相关。受AI相关权重股调整影响，纳斯达 克综合指数周三、周四连续下挫，Alphabet(GOOG.US,GOOGL.US)、高通(QCOM.US)等公司财报引发 投资者对AI投资回报和估值可持续性的担忧，风险偏好明显降温。这一情绪迅速外溢至数字资产领 域，而加密货币年初以来本就表现低迷。 从更长周期看，比特币自2025年10月6日创下约126,273美元的历史高点以来，累计跌幅已接近48%。 Stifel策略师Barry Bannister在最新报告中指出，回顾过去15年的熊市规律，比特币今年不排除下探至3.8 万美元附近，意味着较历史高点回撤幅度或达70%。SynFutures首席运营官Wenny Cai则表示，去年由AI 驱动的投资热潮已难以继续为风险资产提供"缓冲垫"，资金正加速流向传统避险资产，黄金重新成为风 险厌恶情绪 ...

Core Insights - Strategy reported a significant fourth-quarter loss primarily due to a massive pullback in bitcoin value, marking one of the largest quarterly losses for a U.S. public company [2][3] Financial Performance - The company posted an operating loss of approximately $17.4 billion for the quarter, largely driven by unrealized losses on its bitcoin holdings [3][6] - The net loss attributable to common shareholders was $12.6 billion, a stark increase from a loss of about $671 million in the same quarter the previous year [3] - The company's stock price opened at around $120, closed near $107, and further declined to approximately $102 in after-hours trading, representing a decline of over 70% from the previous year [5] Bitcoin Market Impact - The results coincided with one of bitcoin's sharpest single-day drawdowns, with prices falling nearly 15% from approximately $73,100 to as low as $62,400 [4] - Continued weakness in bitcoin prices into early February suggested an additional $14 billion in unrealized losses, bringing total mark-to-market declines to around $31 billion since year-end [6] Bitcoin Holdings - Strategy remains the largest corporate holder of bitcoin, with 713,502 BTC reported on its balance sheet as of early February [7] - The average acquisition cost for bitcoin was around $76,000, resulting in an unrealized loss of over $9.2 billion, compared to more than $31 billion in unrealized gains just four months prior [8]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in relation to investments in cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website discusses the complexities and high risks associated with cryptocurrencies and CFDs, highlighting the potential for significant financial loss [1]. - It encourages users to conduct their own research and fully understand the instruments and risks involved before making investment decisions [1].

Q4 2025 Financial Results February 5, 2026 Copyright © 2026 Strategy. All Rights Reserved. Strategy Q4 2025 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward- looking statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discusse ...

Core Insights - The shares of the bitcoin-stockpiling company have experienced a significant decline since the peak of cryptocurrency prices in October [1] Company Summary - The company is involved in accumulating bitcoin, which has seen its stock value drop sharply following the all-time highs of crypto prices [1]