Strategy posts $12.54B net loss in Q1 2026 — $14.46B unrealized BTC hit drives the damage.

Strategy Inc recorded a $12.54 billion net loss for Q1 2026, with virtually all of the damage traced to a $14.46 billion unrealized loss on its bitcoin holdings after prices declined during the quarter. The company&#x27;s average acquisition cost sits at roughly $75,537 per <a class="ticker-mention" href="/en-US/token/btc">BTC</a>, making the mark-to-market hit a direct function of where spot traded relative to that basis.

Despite the paper loss, Strategy continued accumulating: it held approximately 818,334 BTC as of May 3 — up 22% year-to-date — with a carrying value of around $61.81 billion. The position remains the largest known corporate BTC treasury by a wide margin.

The results underscore the accounting volatility baked into Strategy&#x27;s model. Unrealized losses don&#x27;t affect cash or the actual BTC stack, but they weigh heavily on reported earnings under fair-value accounting rules, and the scale of this quarter&#x27;s figure is likely to…