Strategy Inc. reported a $12.54 billion net loss for the quarter ended March 2026, widening sharply from a $4.22 billion loss a year earlier. The company posted a loss of $38.25 per share, far below expectations, after its Bitcoin position generated $14.46 billion in unrealized losses during the period.
Revenue came in at $124.3 million, slightly under the $124.6 million estimate but above the $111.1 million recorded in the same quarter last year. That gap shows the pressure came mainly from Bitcoin price moves rather than a collapse in the company’s core operating business.
Quarterly Bitcoin slide drove the earnings miss
Bitcoin fell nearly 30% during the quarter, according to the report, as the U.S.-Iran war weighed on markets. Prices later recovered above $81,000, which pushed Strategy’s year-to-date Bitcoin gains to $5.1 billion.
The rebound came too late to prevent a heavy accounting hit in quarterly results. Markets reacted quickly after the update: Strategy shares dropped more than 4% in after-hours trading, while Bitcoin briefly slipped below $81,000.
Holdings reached 818,334 BTC after another major buying quarter
Strategy kept buying through the downturn. By early May 2026, the company held 818,334 BTC, up 22% from a year earlier. It also reported a 9.4% Bitcoin yield and a year-to-date gain of 63,410 BTC.
During the quarter alone, the firm acquired 89,599 BTC. CEO Phong Le said Bitcoin adoption continued to grow in 2026 and added that the STRC program raised billions with relatively low volatility. CFO Andrew Kang pointed to 23 consecutive dividend payments completed on schedule. Executive Chairman Michael Saylor said STRC scaled to $8.5 billion within nine months.
Management leaves room for Bitcoin sales
On the earnings call, Michael Saylor said the company may sell some Bitcoin to fund dividends. He said the step would help demonstrate how Bitcoin can be used as a treasury asset. Phong Le also said Strategy could sell Bitcoin when doing so benefits operations, rather than committing to a strict “never sell” position.
That marks a notable shift in tone even as the company continues to add to its holdings. The report also noted that Strategy previously sold 704 BTC in December 2022 during a period of market stress.