As the price of Bitcoin continues to fall, Strategy is once again in the spotlight following the revelation of $12.4 billion in losses for the fourth quarter of 2025. A situation that does not seem to worry its executives—quite the contrary…
Strategy reports $12.4 billion in losses for the fourth quarter of 2025
Times appear to be tough for publicly traded companies whose primary business is accumulating Bitcoin by any means necessary. And for good reason: the price of BTC has entered a sharp downtrend, to the point where it now sits below its previous 2021 high.
This situation is clearly not in Strategy’s best interest, as the undisputed leader among Bitcoin Treasury Companies with a portfolio of 713,502 BTC as of the latest count. This is especially true following the release of its Q4 2025 results, which show a loss of $12.4 billion.
Needless to say, the timing is poor, as Bitcoin has just triggered a decline of more than 20% over the past 7 days, including about 6% in the last 24 hours alone. This is further weakening the price of Strategy’s MSTR stock, which is down more than 17% over the past 24 hours… and by more than 70% over the past six months.
Strategy’s MSTR stock continues to plummet
Another blow for Michael Saylor’s company? Apparently not, if we are to believe Strategy’s founder’s latest post on X, which boils down to a single word: “HODL.” Or, to be more precise, don’t panic and hold onto your BTC at all costs for better days ahead.
HODL
— Michael Saylor (@saylor) February 5, 2026
Bitcoin would have to drop to $8,000 before causing balance sheet issues
A situation that once again puts Strategy in the crosshairs of those who do not believe in its Bitcoin-based business model. This provided an opportunity for its CEO, Phong Le, to set the record straight during the release of its financial results by clearly explaining the level of stress his company can withstand.
In an extreme downturn scenario, if the price of Bitcoin were to fall by 90% to $8,000, that would be the point at which our BTC reserves would be equivalent to our debt. At that point, we would no longer be able to repay our convertible bonds, and we would then have to consider a restructuring, the issuance of new shares, or the issuance of additional debt.
Phong Le
At the same time, Michael Saylor took the opportunity to address the quantum risk regularly cited as a security issue for Bitcoin. In his view, this is essentially a “horrible FUD campaign” targeting a technology that will not pose a real threat for at least a decade.
Bitcoin is scalable, and it can be strengthened through updates. We are optimistic and believe that humanity will rise to the challenges, and that we will implement the necessary changes to address them rationally.
Michael Saylor
