Strategy, led by Michael Saylor and recognized as the world’s largest public company holding Bitcoin, reported a $12.54 billion net loss for the first quarter of 2026. This loss followed a sharp drop in Bitcoin prices, which fell from about $87,000 in January to nearly $68,000 by March.
Even with the large loss, the company kept buying Bitcoin and now holds 818,334 BTC, bought at an average price of $75,537 each. Since the second quarter began, Bitcoin has climbed back above $80,000, which has improved the outlook for the company’s future earnings.
On the earnings call, Saylor said the company might sell some of its Bitcoin to pay dividends. He explained that their approach is to buy Bitcoin with borrowed money, let it grow in value, and then sell some when they need to cover dividend payments.
Strategy currently has about $1.5 billion in dividend and debt obligations. Still, the company finished the quarter with $2.25 billion in cash, which is enough to pay preferred stock dividends for about 18 months.
After the announcement, Strategy’s shares dropped over 4% in after-hours trading, and Bitcoin briefly fell below $81,000. Investors are now watching to see if the company’s bold Bitcoin strategy can keep delivering value as financial pressures increase.
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