<div id="readability-page-1"><div>Michael Saylor’s net loss for the fourth quarter, driven largely by mark-to-market declines in its massive Bitcoin holdings. The loss coincided with Bitcoin briefly slipping below $60,000, pushing the firm’s stash beneath its cumulative cost basis for the first time since 2023 and wiping out gains made after last year’s U.S. election rally.For years, Strategy transformed itself from an enterprise software company into a leveraged Bitcoin proxy, exploiting a persistent premium in its stock price to raise capital and buy more BTC. That strategy is now faltering. The treasury company announced no new equity issuance or debt financing alongside earnings, signalling tightening access to capital as investor appetite cools.While Saylor has insisted there are no margin calls and said the firm holds $2.25 billion in cash, enough to cover interest obligations for more than two years, pressure is mounting as Bitcoin continues to trade well below Strategy’s reported average acquisition price of $76,052. The company also reiterated that it does not expect to generate profits in the foreseeable future.Strategy announces Q4 2025 results:– 713,502 held– 22.8% BTC Yield in 2025– Largest US equity issuer, raised $25.3 billion in 2025– scaled to $3.4 billion; 11.25% current dividend rate — Michael Saylor (@saylor) Strategy Holds 713,502 BTC Worth $46 BillionStrategy currently holds more than 713,000 Bitcoin, valued at roughly $46 billion, per Bloomberg data. Although the firm added $75.3 million worth of BTC in late January, analysts say the broader model is under strain. Benchmark analyst Mark Palmer told Bloomberg that investors are now focused on whether Strategy can still raise capital to fund additional Bitcoin purchases under worsening market conditions.Critics have grown louder. As reported earlier Michael Burry recently warned that continued declines in Bitcoin could trigger cascading losses for corporate holders, reviving concerns long raised by short sellers about Strategy’s reliance on leverage and non-yielding assets. Strategy’s shares are now down nearly 80% from their November 2024 peak, underscoring how quickly sentiment has turned.BitMine Faces $8.2B Unrealized ETH Loss as Ether Slides Below $2,000BitMine Immersion Technologies is also sitting on roughly $8.2 billion in unrealized losses after Ethereum’s price fell to around $1,930, well below the firm’s average purchase price of $3,826 per token. The company holds about 4.29 million ETH, acquired for roughly $16.4 billion, and has seen the value of those holdings shrink following a nearly 30% decline since early January. JUST IN: Tom Lee’s Bitmine Immersion down over $8,200,000,000 (-50.29%) on its ETH holdings. — Whale Insider (@WhaleInsider) Despite the drawdown, BitMine has staked more than 2.9 million ETH, generating about $188 million in annual yield, holds $538 million in cash with no debt, and says it views the sell-off as a buying opportunity, even as its shares have plunged 88% from their July peak, echoing losses seen at Michael Saylor’s Strategy.</div></div>

Strategy reports a $12.4 billion loss in Q4, primarily due to Bitcoin's decline below its cost basis, impacting its holdings of over 713,000 BTC valued at $46 billion. The firm, which has shifted from software to a Bitcoin proxy, faces challenges in raising capital as investor interest wanes. Despite holding $2.25 billion in cash, concerns grow over its reliance on leverage. Meanwhile, BitMine Immersion Technologies reports an $8.2 billion unrealized loss from Ethereum holdings, with shares down 88% since July, although it maintains a positive outlook on the market.

- Michael Saylor's company reported a significant net loss in Q4 2025 due to declines in its Bitcoin holdings, coinciding with Bitcoin prices falling below $60,000.  
- The firm has reduced capital access and does not expect profits in the near future while holding over 713,500 Bitcoins worth approximately $46 billion.  
- Meanwhile, BitMine Immersion Technologies faced $8.2 billion in unrealized Ethereum losses but continues to stake ETH and sees the market downturn as a buying opportunity.

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Strategy Posts $12.4B Loss as Bitcoin Falls Below Cost Basis