Strategy paper losses escalate as Bitcoin price corrects to $60.000

Strategy faces unrealized losses of $11.000 billion after Bitcoin falls to $60.000, testing its aggressive corporate treasury strategy.

Strategy, the technology firm established as the world's largest corporate Bitcoin treasury, is going through a period of intense financial pressure due to the recent correction in the digital asset market. 

After reaching a historic high of $126.000 in October 2025, the price of Bitcoin has experienced a significant decline, currently hovering around $60.000. This drop represents a contraction of almost 50% from its all-time high, directly impacting the valuation of the assets under management of the company led by Michael Saylor. 

With a massive reserve that exceeds 713.500 BTCThe gap between invested capital and current market value has resulted in an accounting loss that has captured the attention of analysts and shareholders alike. Despite the negative balance in the interim financial statements, the company's management remains steadfast in its policy of acquiring digital assets.

Strategy in the face of the crypto storm

The magnitude of Strategy's exposure to the crypto market is reflected in the figures presented in its latest treasury reports. The company has allocated a total of $54.260 billion to accumulate its current holdings of 713.502 BTC. With the cryptocurrency's price settling at $60.000, the market value of this reserve is approximately $43.000 billion. This calculation results in an unrealized loss of $11.000 billion, a shortfall that highlights the inherent risks of the sector's extreme volatility.

This financial situation arises in a context where Bitcoin has lost half its value in less than four months. While in the fourth quarter of 2025 the firm's strategy seemed unbeatable due to the rebound towards $126.000, the current correction is forcing the company to report losses in terms of net asset valuation. The $11 billion gap represents a significant accounting challenge for a publicly traded entity, especially given the scrutiny of institutional investors who are evaluating the long-term sustainability of the business model.

The financial report for the fourth quarter of 2025, released on February 5th, details that the company achieved a 22,8% return on its Bitcoin holdings during the previous year. However, this growth has been eroded by Bitcoin's bearish movement in January, which has recently intensified. 

Despite the cryptocurrency price drop, Strategy stood out in 2025 as the largest issuer of equity in the United States, managing to raise $25.300 billion, capital that was mostly channeled towards the purchase of the digital asset.

Michael Saylor's unwavering conviction in the face of Bitcoin's volatility

Faced with the prospect of potential losses, Michael Saylor has reinforced his message of absolute confidence in Bitcoin's fundamentals. Through his firm's X account, the chairman reiterated that volatility is not a risk factor for his investment thesis, but rather an intrinsic characteristic of the digital ecosystem. Saylor even went so far as to describe BTC's price fluctuations as a reward for those investors who remain loyal to the asset despite short-term turbulence.

Strategy's operating philosophy under Saylor's leadership can be summarized in strict principles: acquire and HODL. For the executive, the rules of the ecosystem are clear and do not allow for selling assets in the face of market corrections. This stance is based on the belief that Bitcoin is the most secure and efficient monetary network on the planet, with an intrinsic value that transcends momentary valuations in fiat currency.

Even with the price hovering around $60.000, the company has continued to expand its financial instruments. The firm's perpetual preferred stock, identified by the ticker STRC, has climbed to $3.400 billion, offering a current dividend yield of 11,25%. These moves indicate that, far from retreating, the company is seeking to diversify its funding sources to sustain its Bitcoin portfolio, using its corporate structure as a massive investment vehicle that capitalizes on both periods of euphoria and correction.

The debate on exposure to a single asset

Strategy's continued reliance on Bitcoin as its treasury model has sparked intense debate among financial experts and market analysts. While the company's management sees the leading cryptocurrency as the ultimate solution for capital preservation, other sectors of the economy question the lack of diversification on the corporate balance sheet. The main criticism lies in the company's high sensitivity to fluctuations in a single asset, which increases the risk profile for minority shareholders.

Market observers point out that while Strategy's fundraising capacity has been historic, its total dependence on Bitcoin's price movements could compromise operational stability if the correction deepens below current support levels. 

Despite the questions raised, the company's operating results as a provider of business analytics software remain active, although their weight in the company's overall valuation has become contingent on the performance of its crypto treasury. The firm, which changed its name from MicroStrategy to simply Strategy in February 2025, appears to have irreversibly tied its corporate fate to the success of the decentralized protocol created by Satoshi Nakamoto.