TLDR
- In the fourth quarter of 2025, Strategy reported a $17.4 billion unrealized loss on its Bitcoin holdings.
- Bitcoin ended 2025 near $87,000 after hitting an all-time high of around $126,000 in October.
- For the whole year, Strategy posted a $5.4 billion unrealized loss with a $1.5 billion deferred tax benefit.
- The company acquired 1,286 Bitcoin between December 29, 2025, and January 4, 2026.
- Strategy currently holds a total of 673,783 Bitcoin with a current market value of approximately $62 billion.
Strategy, the enterprise software firm and the largest corporate holder of [unspecified], has revealed a $17.4 billion [unspecified in 2025] as Bitcoin prices dropped significantly during the quarter, although the company continued to enhance its crypto holdings and USD reserves.
Bitcoin Decline Drives Q4 Losses for Strategy
[Bitcoin] dropped by around 6% over 2025 and ended the year near $87,000 after peaking at $126,000 in October. This late-year decline caused Strategy to record a $17.4 billion unrealized loss on digital assets in the fourth quarter alone. For the full year ending December 31, 2025, the company reported a $5.4 billion unrealized loss with a $1.5 billion deferred tax benefit.
Despite the volatility, Bitcoin recovered slightly in early January, trading at $92,575—up 6% over the past seven days, according to CoinGecko. The resurgence happened during heightened geopolitical tensions between the United States and Venezuela. However, Strategy’s overall crypto position still showed major losses on paper due to year-end pricing.
During the last days of 2025 and into the beginning of 2026, Strategy continued to buy more Bitcoin. Between December 29 and January 4, it acquired 1,286 BTC. These purchases brought its total holdings to 673,783 BTC.
MSTR Stock Slides, Strategy Buys More Bitcoin
Shares of [unspecified] have declined more than 45% in the past year as Bitcoin’s price weakened in the second half of 2025. The stock is now trading near the lower end of its 52-week range and below its 200-day simple moving average. Still, the company maintained its crypto-focused approach, even as market conditions fluctuated.
From January 1 to 4, 2026, Strategy purchased another 1,283 BTC for $116.0 million at an average price of $90,391. The firm confirmed that its average purchase price per bitcoin as of January 4, 2026, was around $50,500. Strategy stated that these purchases reflected ongoing confidence in Bitcoin as a primary asset.
The company now holds Bitcoin worth approximately $62 billion at current prices. It reported a cumulative acquisition cost of about $75.03 billion for its total BTC holdings. This still reflects a paper loss based on market value at the time of reporting.
USD Reserve Strengthens as Metaplanet Expands Exposure
Strategy also disclosed a $2.25 billion US dollar reserve as of early January 2026, up from $2.2 billion in late 2025. The reserve supports preferred stock dividends and interest payments on outstanding debt. The company emphasized that the use of the reserve remains at management’s discretion.
Meanwhile, the Japan-based [unspecified] pursued a similar Bitcoin-first treasury strategy throughout 2025. After pivoting in 2024, Metaplanet built its BTC holdings to 30,823 by December 2025. This made it the largest public Bitcoin holder in Asia.
Metaplanet’s aggressive BTC strategy placed it among the top 10 public Bitcoin treasuries worldwide. The company quickly moved from limited exposure to substantial holdings within one year. However, the rapid accumulation also increased its exposure to short-term market shifts.
