Strategy (MSTR) and corporate crypto treasuries strained as Bitcoin hits $64k

Strategy (previously known as Microstrategy) reported a net loss of $12.4 billion for the fourth quarter of 2025 after Bitcoin fell from about $120,000 to roughly $89,000 over the period, according to CoinDesk.

The selloff has continued into this week, with Bitcoin sliding to about $64,000 on Friday as Strategy shares fell 17% on Thursday’s trading session.

The Bitcoin-focused firm, led by Executive Chairman Michael Saylor, holds over 700,000 BTC.

Data assembled by Artemis and reported by Decrypt show Strategy sitting on about $9.2 billion of unrealized losses as digital assets continues freefall.

Q4 results and Bitcoin exposure

CoinDesk reported that Strategy’s Q4 loss followed Bitcoin’s drop from about $120,000 on October 1 to roughly $89,000 by year’s end.

Bitcoin fell sharply again this week, reaching around $64,000 ahead of the company’s results, as Strategy shares posted one of their worst sessions in years.

The stock was down 0.97% in after-hours trading.

According to CoinDesk, Strategy is the largest corporate holder of Bitcoin with 713,502 BTC, purchased at an average of $76,052, including several billion dollars of buys since the end of the fourth quarter.

The company ended the year with $2.25 billion in cash, which it said would cover 2.5 years of preferred dividends and interest on debt.

Decrypt noted that with Bitcoin trading around $63,000 on Thursday, Strategy’s stash was worth about $45.4 billion after the firm spent $54.2 billion on Bitcoin since 2020.

Decrypt also reported that the asset’s price had dipped below Strategy’s average purchase price earlier this week.

Digital asset treasuries face broad paper losses

Artemis data cited by Decrypt shows mounting unrealized losses for prominent digital asset treasuries.

Strategy’s paper losses total about $9.2 billion, while BitMine Immersion Technologies (BMNR) is down roughly $8.4 billion on its Ethereum buys.

At the time of writing, Bitcoin fell 8% in the past 24 hours and 22% over seven days to about $64,608, while Ethereum dropped almost 31% in a week to around $1,904.

Artemis’ dashboard tallies more than $25 billion in paper losses overall, including around $1 billion for Solana-focused Forward Industries and more than $100 million for firms accumulating Hyperliquid (HYPE) and BNB.

BMNR shares fell 14% on Thursday to about $17.04, a seven-month low, according to Decrypt.

Saylor’s stance and external scrutiny

Earlier this week, Saylor reiterated on X that there are only two rules: “1. Buy Bitcoin. 2. Don’t sell Bitcoin.”

However, he had stated the opposite late last year when he said he wanted to “dispel the notion” the firm “couldn’t or wouldn’t” sell BTC to fund its dividends product, Decrypt reported.

Prediction markets see increasing chances of Bitcoin selling from M.

According to Decrypt, traders on Myriad see increasing odds of Strategy selling some of its 713,502 BTC this year, with bets rising to 32% in the last week.

Skeptics are circling the broader digital asset treasury model.

Bloomberg’s Joe Weisenthal wrote, “It’s hard not to think that the explosion of DAT companies last year, where various crypto holders exchanged their tokens for inflated equity, was a big last gasp for this industry.”

Decrypt also noted criticism from crypto insiders, with SOL Strategies interim CEO Michael Hubbard saying last year there was “no sustainable market for digital asset treasuries,” and that staking ETFs would “eat their lunch.”

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