Strategy said it plans to launch a Bitcoin Security Program aimed at long-term risks that quantum computing could pose to Bitcoin. Executive Chairman Michael Saylor disclosed the initiative during the company’s Q4 2025 earnings call on February 6, 2026. The company, formerly known as MicroStrategy, remains the largest publicly traded corporate holder of Bitcoin.
Early research instead of rushed protocol changes
Saylor described the program as a forward-looking effort to examine how advanced computing could challenge Bitcoin’s cryptographic foundations over time. He said quantum computers capable of breaking Bitcoin’s current encryption standards are not yet practical, but argued that research and coordination should begin well before the threat becomes urgent. The company’s position is that preparation now is preferable to making reactive protocol decisions later.
Strategy said the program is expected to bring together experts in cybersecurity, cryptography, and the broader Bitcoin ecosystem to assess potential vulnerabilities and consider long-term defensive approaches. It also noted that any meaningful response to quantum-related threats would need broad industry consensus, given the risk of unintended consequences for the network.
Bitcoin markdown drove a $12.4 billion quarterly net loss
During the same call, Strategy reported a steep quarterly loss linked directly to falling Bitcoin prices. The company posted a net loss of $12.4 billion in Q4 2025, or a diluted loss per share of $42.93, compared with a net loss of $670.8 million in the year-earlier quarter. Its operating loss was largely driven by an unrealized $17.4 billion markdown on Bitcoin holdings.
At the end of the period, Strategy held 713,502 BTC acquired at an average cost of about $76,052 per coin. With Bitcoin trading lower during the quarter, the company’s position came under heavy accounting pressure. Under fair-value rules adopted in early 2025, declines in Bitcoin’s price must be recognized in the income statement even if no coins are sold.
Accounting losses hit earnings, not liquidity
Management said those valuation losses do not affect the company’s liquidity or operating capacity and should be viewed separately from its core software business. Strategy also reiterated that its Bitcoin approach remains long term, with continued emphasis on accumulation rather than short-term market moves.
Quantum computing has become a recurring issue in crypto because sufficiently powerful systems could, in theory, weaken cryptographic methods such as the Elliptic Curve Digital Signature Algorithm used by Bitcoin. Most researchers still see that capability as years away. Even so, discussion around post-quantum cryptography, migration paths, and network stability has picked up across the industry, and Strategy’s new program places that debate more clearly on the corporate agenda.