Strategy reported a $12.54 billion net loss for the first quarter of 2026 as a sharp unrealized loss on its Bitcoin holdings weighed on results.

The company posted an operating loss of $14.47 billion, compared with $5.92 billion a year earlier. The loss included a $14.46 billion unrealized loss on digital assets, reflecting Bitcoin’s weaker price during the quarter.

Strategy held 818,334 BTC as of May 3, up 22% year to date, according to the company’s latest earnings release. The company said the holdings had a cost basis of $61.81 billion and an average purchase price of about $75,537 per Bitcoin.

With Bitcoin trading at $81,586 at press time, Strategy’s holdings are currently valued at about $66.8 billion.

MSTR traded at $186.74 at press time, up 1.6% on the day, giving the company a market capitalization of about $58.9 billion. The stock slipped 1.3% in after hours trading after the earnings report, a modest move following the update.

Strategy also reported $124.3 million in revenue, up 11.9% from the same period last year, while gross profit rose to $83.4 million. Cash and cash equivalents stood at $2.21 billion at the end of March.

The company said it raised $11.68 billion year to date through its capital markets programs, including $5.58 billion from STRC. Strategy said STRC has grown to $8.5 billion in market capitalization within nine months, making it the largest preferred stock by market cap globally.