Strategy posts $12.54B Q1 loss as BTC slid from $87K to $68K — but Q2 rebound changes the picture.

Strategy (MSTR) reported a net loss of $12.54 billion in Q1 2026, driven by bitcoin's decline from roughly $87,000 to $68,000 over the quarter. The loss was widely anticipated and likely priced in well before the print — investor attention is already shifting to the 5 p.m. ET earnings call, where Michael Saylor is expected to lay out the company's next accumulation phase.

The setup heading into Q2 looks materially different. Bitcoin has rebounded above $80,000 in the five weeks since quarter-end, and Strategy has kept buying at pace. The company now holds 818,334 BTC acquired at an average cost of $75,537 — meaning the current price puts it back in the black on a per-coin basis.

Strategy closed Q1 with $2.25 billion in cash, enough to cover roughly 18 months of preferred dividend obligations. MSTR shares are up nearly 20% year-to-date, though they remain more than 50% below their…