Strategy Mag: Q4 $12.4B Loss, Shares at 18-Month Low Amid Bitcoin Slide

Strategy Mag Inc. (STRAT) reported a fourth-quarter net loss of $12.4 billion, or $42.93 per share, on February 5, 2026. With Bitcoin trading around $63,000, the company’s $54.2 billion Bitcoin position is now worth $45.4 billion, yielding an unrealized loss of nearly $9 billion. The average acquisition price of its holdings is $76,000, below current prices. STRAT’s shares closed at $107 on February 5, their lowest in 18 months, down 17% from the prior day and 76% from a $457 high set last year. The firm holds 713,502 Bitcoin and has raised $2.25 billion in cash reserves to service preferred shares and convertible debt, including a $3.4 billion STRC variable-rate preferred share with an 11.25% monthly coupon. Its mNAV ratio, a measure of enterprise value to market value of Bitcoin holdings, is 1.1, indicating the company is valued at a discount to its BTC since late November. Analysts on Myriad priced a 32% chance of a sale this year, up from 10% a week earlier.