MSTR Posts More Than 1600% Jump In Operating Loss in Q4 As Bitcoin Crash Bites

• The company said its total revenues for the fourth quarter of 2025 were $123.0 million, a 1.9% increase year-over-year.
• Strategy said that as of Feb. 1, it has 713,502 bitcoin holdings at a total cost of $54.26 billion, or $76,052 per bitcoin.
• At the time of writing bitcoin prices dipped below $63,000.

Michael Saylor’s Strategy (MSTR) on Thursday reported a 1,640% rise in its operating loss in its fourth quarter earnings as weakness in bitcoin hits one of the largest digital asset treasury firms. 

The company said its operating loss for the fourth quarter of 2025 was $17.4 billion, compared to an operating loss of $1.0 billion for the fourth quarter of 2024. It said its operating loss for the fourth quarter of 2025 includes an unrealized loss on the company’s digital assets of $17.4 billion.

Q4 Details

The company said its total revenues for the fourth quarter of 2025 were $123.0 million, a 1.9% increase year-over-year, compared to the fourth quarter of 2024. Subscription services revenues for the fourth quarter of 2025 were $51.8 million, a 62.1% increase year-over-year.

“Our goal is to systematically increase Bitcoin per share over time, regardless of near-term market cycles, and continue to deliver durable BTC value for our long term investors,” MSTR CFO, Andrew Kang said in an analyst call. 

Bitcoin Holdings

Strategy said that as of Feb. 1, it has 713,502 bitcoin holdings at a total cost of $54.26 billion, or $76,052 per bitcoin. 

At the time of writing, bitcoin prices dipped below $63,000. It was trading 13.6% down at $62,739. On Stocktwits, retail sentiment around BTC trended in ‘extremely bearish’ territory amid ‘extremely high’ message volume. 

Bitcoin has been falling sharply over the past few weeks as investors continue to stay clear of riskier assets like cryptocurrency due to macroeconomic-induced pullback. The rout has worsened especially since Donald Trump announced Kevin Warsh as the nominee to become the next Federal Reserve chair.

How Did Stocktwits Users React?

Retail sentiment around MSTR trended in ‘extremely bearish’ territory amid ‘extremely high’ message volume. 

One user said that investors are trapped as they can’t sell bitcoin holdings without crashing BTC further. 

Another bearish user predicted the MSTR stock price to come under $100 soon.

Another bearish user said that MSTR should stop buying Bitcoin.

Shares in the company have fallen 69.3% over the past 12 months.

Read More: IREN Stock Slides More Than 10% After Swinging To Loss In Q2

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