The company Strategy just announced a loss of 12.4 billion USD in Q4/2025, leading to a sharp drop of 18% in its stock after just one trading session. The main reason is the unrealized losses on the company's massive Bitcoin investment portfolio.
This is the fourth time Strategy has applied the fair value accounting method for digital assets. Meanwhile, in the same period last year, the company only recorded a loss of 670.8 million USD. This time, the diluted loss per share reached 42.93 USD.
Additionally, Strategy reported an operating loss of up to 17.4 billion USD, significantly increasing from last year's figure of 1 billion USD. This entire loss is related to the digital asset portfolio.
Nevertheless, the company currently holds 2.3 billion USD in cash, up significantly from only 38.1 million USD in the same period of 2024. This increase is driven by the establishment of a new USD Reserve Fund to ensure dividend and interest payments over the next 2.5 years.
Record fundraising, total Bitcoin reached 713.502
In 2025, Strategy successfully raised 25.3 billion USD, becoming the largest stock issuer in the US for two consecutive years.
As of February 1/2026, the total number of Bitcoin held by the company has reached 713.502, with 41.002 Bitcoin purchased just in January. Phong Le, the company's CEO, shared that the current strategic goal is to focus on developing STRC and increasing Bitcoin Per Share for common shareholders.
“STRC is currently a product worth 3.4 billion USD,” Phong commented. “Despite Bitcoin's price fluctuations, STRC's value remains close to 100 USD. The current dividend rate is 11.25%, adjusted monthly to ensure stability.”
Andrew Kang, CFO of Strategy, added: “The fair value accounting method, clarity on unrealized gains tax, along with the restoration of credit ratings has brought us significant benefits this year. Additionally, we have successfully launched five rounds of preferred stock IPOs and established a USD Reserve Fund worth 2.25 billion USD to protect dividends.”
Michael Saylor, Chairman of the Board, emphasized: “We are committed to Bitcoin in the long term. STRC helps investors acquire more Bitcoin, while MSTR is responsible for absorbing the risk when Bitcoin prices fall. These two parts work closely together to ensure the strength of Strategy.”
Software revenue grew slightly, but the support segment declined
Total revenue in Q4/2025 reached 123 million USD, slightly up 1.9% compared to the same period last year. Of this, revenue from subscription services reached 51.8 million USD, a strong increase of 62.1%. Revenue from licenses and subscriptions reached 59.6 million USD, up 26.3%.
However, the product support segment recorded a decrease of 16.9%, reaching only 48.5 million USD. Other services generated 14.9 million USD, slightly down from last year. The company's gross profit reached 81.3 million USD, corresponding to a profit margin of 66.1%, down from 71.7% in 2024.
Source: Strategy
Strategy's Bitcoin performance in 2025 was highly regarded. The company achieved a yield of 22.8% from Bitcoin, within the expected range. In total, Strategy added 101,873 Bitcoin to its investment portfolio during the year.
This is equivalent to a profit from Bitcoin worth 8.9 billion USD, based on an end-of-year price of approximately 87,515 USD. The company stated that the average purchase price of Bitcoin in its portfolio is 76,052 USD, while the market price on January 30, 2026, is around 83,740 USD.
Issuance of shares to fund dividends and scale expansion
In Q4/2025, Strategy raised 5.6 billion USD, and continued to add another 3.9 billion USD from January 1 to February 1/2026. The majority of this money came from common stock issuance activities. The ATM program brought in 4.4 billion USD in Q4, and an additional 3.4 billion USD in early 2026. Currently, the company still has 8.1 billion USD in its issuance limit.
Regarding preferred shares, STRK brought in 33.8 million USD in Q4 and an additional 3.4 million USD thereafter. STRF contributed 99.5 million USD in Q4, while STRD raised 136.6 million USD. STRC alone raised 157.6 million USD in Q4 and a significant amount of 421 million USD from January to February 2026. The company still has 3.6 billion USD in its issuance limit for STRC.
Additionally, in November 2025, Strategy conducted an IPO in Europe for STRE shares, raising 620 million euros, equivalent to 716.8 million USD (with an exchange rate of euro/USD at 1.1561). The shares were priced at 80 euros each and the company sold 7,750,000 shares.
The dividends from STRC have been continuously increasing monthly since its launch. In July and August 2025, the dividend rate was 9.00%, with a payout of 0.80 USD. By February 2026, this rate increased to 11.25%, with an expected payout of 0.94 USD/share.
The USD Reserve Fund currently stands at 2.25 billion USD, enough to cover dividends for approximately 2.5 years. Strategy stated that it will adjust this fund based on market conditions and the company's cash needs.
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