Strategy, the public company best known for its all-in bet on Bitcoin, reported a hefty $17.44 billion paper loss on its digital asset holdings in the final quarter of 2025, according to a regulatory filing released Monday.
It’s important to note that this loss is unrealized—meaning Strategy didn’t sell any Bitcoin. The figure simply reflects how sharply crypto prices moved during the quarter. Because of that accounting impact, the company also recorded a $5.01 billion deferred tax benefit, showing how volatile crypto-linked earnings can be even when holdings remain unchanged.
For the full year ending December 31, 2025, Strategy reported a $5.4 billion unrealized loss on digital assets, along with a $1.55 billion tax benefit tied to those swings.
Still Buying Bitcoin Despite the Paper Loss
Despite the Q4 hit on paper, Strategy didn’t slow down its Bitcoin buying.
The company said it purchased 1,283 BTC between January 1 and January 4 for about $116 million, paying an average price of $90,391 per coin. That brings its total Bitcoin holdings to 673,783 BTC—one of the largest corporate stashes in the world.
As of December 31, Strategy’s digital asset carrying value stood at $58.85 billion, alongside a $2.42 billion deferred tax liability, highlighting just how central crypto has become to its balance sheet.
Equity Sales Power the Strategy
Those latest Bitcoin purchases were funded the same way Strategy has done it before—by selling stock.
Between January 1 and January 4, the company sold 735,000 shares of Class A stock, raising $116.3 million, which was then used to buy Bitcoin. It also disclosed additional stock sales worth $195.9 million in the final days of December.
Altogether, Strategy has spent $50.55 billion to build its Bitcoin position, with an average purchase price of $75,026 per BTC.
Liquidity Still a Key Focus
To balance its aggressive crypto exposure, Strategy said it held $2.25 billion in cash reserves as of January 4. That cushion is meant to support dividend payments on preferred shares and cover interest on outstanding debt—especially important during periods of market volatility.
The company also clarified that the financial figures in the filing were prepared by management and have not yet been audited by KPMG, meaning they could still change.
