Strategy Reports Q1 Results: Over $12 Billion In Red Ink—Here Are The Key Figures

Strategy, the world’s largest publicly traded Bitcoin (BTC) holder, released its first-quarter (Q1) financial results on Tuesday, and the headline number was stark: more than $12 billion in losses. 

Strategy Q1 Financial Snapshot

In its report, the company said its operating loss for Q1 2026 totaled $14.47 billion, compared with $5.92 billion in Q1 2025. Strategy also broke out the main driver of that operating loss, stating that Q1 2026 operating loss included an unrealized loss on the company’s digital assets of $14.46 billion. 

Strategy’s net loss for the first quarter of 2026 came in at $12.54 billion, or $38.25 per common share on a diluted basis. That compared with a net loss of $4.22 billion, or $16.49 per common share on a diluted basis, in the prior-year quarter. 

The company also provided an update on liquidity. As of March 31, 2026, Strategy reported cash and cash equivalents of $2.21 billion, compared with $2.30 billion as of December 31, 2025. 

On the revenue side, Strategy recorded total revenues of $124.3 million in Q1 2026, up from $111.1 million in Q1 2025—an increase of 11.9% year over year. 

Bitcoin Numbers Disclosed

Strategy also included a Bitcoin performance snapshot. Through 2026 year-to-date, the company reported a BTC yield of 9.4%. It also reported a BTC dollar gain of $4.97 billion for 2026 year-to-date. 

As of May 3, 2026, Strategy said its digital assets were comprised of approximately 818,334 Bitcoin. The company reported an original cost basis and market value of $61.81 billion and $64.14 billion, respectively. 

For Strategy, that translates to an average cost per Bitcoin of approximately $75,537 and an average market price per Bitcoin of approximately $78,374 as of May 1, 2026.

On Tuesday, Strategy’s stock, which trades under the ticker name MSTR, closed the trading session at $186, marking a 3% increase for the day, as Bitcoin surpassed the $81,000 mark. 

Featured image created with OpenArt, chart from TradingView.com