Strategy reports $14.5 billion unrealized loss on its bitcoin holdings for Q1 2026

Michael Saylor’s Strategy reported a $14.46 billion unrealized loss on its bitcoin holdings for Q1 2026.

According to its latest 8-K Securities and Exchange Commission filing, the drop in the value of its bitcoin and associated tax loss generated a $2.42 billion deferred tax asset, so the firm can partially offset its on-paper losses. 

Despite being underwater on its holdings, Strategy added another 4,871 BTC to its bitcoin holdings for about $330 million between April 1 and April 5. This bumped its total trove to 766,970 bitcoins, worth about $53 billion at current prices. 

With its latest acquisition, Strategy’s average purchase price has fallen slightly to $75,644 per coin, down from $75,694 on March 31. The bitcoin purchases were made using proceeds from Strategy's at-the-money stock offerings. 

Strategy is sitting on an unrealized loss of $4.7 billion, having spent more on average to acquire its bitcoin trove than the bitcoins are currently worth, according to SaylorTracker.

Expand Chart

Last month, Strategy reworked its ATM program to gradually sell $21 billion of additional common MSTR stock, $21 billion of its STRC preferred shares, and $2.1 billion of STRK preferred shares, rather than raising capital in a single transaction.

The ATM programs are a core part of the firm’s previously announced "42/42" plan, which targets $84 billion in capital raises through equity and convertible notes by 2027 to fund additional bitcoin purchases.

Last December, Strategy updated its long-term capital structure to include a USD reserve, which would help support the firm’s ability to pay dividend payments and increase its digital asset treasury flexibility.