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. This situation does not seem to worry its managers, quite the contrary…
Strategy posts $12.4 billion in losses for the fourth quarter of 2025
Times appear to be tough for publicly traded companies whose main activity is to accumulate Bitcoin by any means possible. And for good reason: the price of BTC has entered a sharp downward trend, to the point where it is now below its previous peak in 2021.
This situation is clearly not good news for Strategy, the undisputed leader among Bitcoin Treasury Companies with a portfolio of 713,502 BTC at the last count. This is especially true following the publication of its results for the fourth quarter of 2025, which show a loss of $12.4 billion.
Needless to say, the timing is not good, as Bitcoin has just started a decline of more than 20% over the last 7 days, including about 6% in the last 24 hours alone. This has further weakened Strategy’s MSTR share price, which is down more than 17% over the last 24 hours…
and more than 70% over the last six months.
Strategy’s MSTR stock continues to plummet.
Another blow for Michael Saylor’s company? Apparently not, if we are to believe the latest post by the founder of Strategy on the X network, which can be summed up in a single word: “HODL.” Or, to be more precise, don’t panic and hold on to your BTC at all costs for better days ahead.
HODL
— Michael Saylor (@saylor) February 5, 2026
Bitcoin will have to plummet to $8,000 before causing balance sheet problems
This situation once again puts Strategy in the crosshairs of those who do not believe in its Bitcoin-based development model. It was an opportunity for its CEO, Phong Le, to set the record straight when announcing its financial results, explaining very clearly how much stress his company can withstand.
In an extreme downside scenario, if the price of bitcoin fell 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 restructuring, issuing new shares, or issuing additional debt.
Phong Le
At the same time, Michael Saylor took the opportunity to revisit the quantum risk that is regularly highlighted as a problem for Bitcoin security. In his view, this is essentially a “horrible FUD campaign” against 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 respond to them in a rational manner.
Michael Saylor
