"The company's Q4 2025 earnings, filed on February 5, 2026, showed a $12.44 billion net loss, driven by a $17.44 billion unrealized loss on digital assets. Shockingly, Strategy holds 713,502 bitcoins valued at $59.75 billion against a cost basis of $54.26 billion, leaving the company essentially underwater on its massive bet."
"Strategy's Reddit sentiment score sits at a dismal 34.76 for the week and 28.53 for the month. Discussion on r/investing and r/wallstreetbets has turned skeptical, with " Michael Saylor 3% away from Negative Bitcoin Position " drawing 968 upvotes and 444 comments. Michael Saylor 3% away from Negative Bitcoin Positionby u/throwaway_investing42 in investing "At what point does the board step in? He's leveraged the entire company on a single asset and now they're underwater. This isn't a treasury strategy anymore, it's a bet." - u/throwaway_investing42, r/investing"
"Strategy raised $25.3 billion in capital during 2025 to fund its Bitcoin buying spree, making it the largest U.S. equity issuer for the second consecutive year. With Bitcoin now below the company's average purchase price, the leverage that amplified gains in bull markets is now working against it."
Strategy's shares collapsed 62% over the past year while Bitcoin traded at $68,840 on February 17, 2026, below the company's $76,052 per-coin cost basis. The stock declined from $173.71 to $125.20, a 27.93% drop mirroring Bitcoin's slide from $84,513 to $60,001 in eight days. Q4 2025 results reported a $12.44 billion net loss driven by a $17.44 billion unrealized digital-asset loss. Strategy holds 713,502 bitcoins valued at $59.75 billion against a $54.26 billion cost basis. Reddit sentiment turned bearish and a $25.3 billion 2025 capital raise increased leverage exposure.
Read at 24/7 Wall St.
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