Crypto treasury firm Strategy (NASDAQ: $MSTR) has reported a net loss of $12.54 billion U.S. for this year’s first quarter as Bitcoin’s (CRYPTO: $BTC) price declined. 
 
Strategy noted in its earnings release that Bitcoin’s price fell from $87,000 U.S. on Jan. 1 to $68,000 U.S. by March 31 of this year, leading to the massive net loss at the company.

Still, Strategy has continued to accumulate BTC at a brisk pace during the price decline, potentially setting the company up to post a big profit for the current second quarter.

Strategy remains the largest corporate holder of Bitcoin, owning 818,334 BTC acquired at an average price of $75,537 U.S.

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Strategy ended the first quarter with $2.25 billion U.S. of cash on hand, enough to cover 18 months of its preferred stock’s dividend payments. 

Analysts were quick to say that the big Q1 loss was expected given the big decline in Bitcoin’s price during the year’s first three months.

MSTR stock has fallen 52% in the last 12 months to trade at $186.90 U.S. per share.