Strategy (MSTR) reported a net loss of $12.4 billion in the fourth quarter of 2025 as the price of bitcoin BTC$71,091.27 tumbled from about $120,000 on October 1 to roughly $89,000 to close the year.

Things have only gotten worse since, with the price of bitcoin falling hard in recent weeks and finally crashing on Thursday to the $64,000 level ahead of the Strategy results. Strategy shares closed the session down 17% in one of their worst performances in years. The stock’s up modestly in after hours trade.

Led by Executive Chairman Michael Saylor, the company, which is the largest corporate owner of bitcoin, currently holds 713,502 BTC, purchased at an average price of $76,052 (which includes several billion dollars in purchases since the end of the fourth quarter).

The company ended the year with $2.25 billion in cash, which would allow for 2.5 years of dividend coverage on its preferred stock as well as interest on debt.

The fourth quarter results being of little surprise, investors will look to the earnings call at 5 pm ET for Saylor and team’s comments about their plans given the current state of the market.

Read more: Strategy has $6.5 billion loss on BTC, but continues trading at premium to value of its assets