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MicroStrategy posted a $12.54 billion quarterly loss, its largest setback on record, driven largely by a $14.46 billion unrealized markdown on its Bitcoin holdings. The company’s average cost per coin is $75,537, while Bitcoin traded around $78,374 on May 1. With 818,334 coins held, the relatively small gap between cost basis and market price translates into billions of dollars in paper losses.
MicroStrategy has continued to add to its Bitcoin position while reporting the loss. The company has raised $11.68 billion so far this year, described as the largest equity issuance in the United States for 2026, and the proceeds have been directed toward additional Bitcoin purchases. Since January, MicroStrategy added 63,410 coins, bringing total holdings up by 22%.
As of May 3, the market value of MicroStrategy’s Bitcoin holdings was $64.14 billion. The reported loss remains unrealized, meaning it is not tied to coins being sold.
MicroStrategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) has grown rapidly. The instrument’s market capitalization is above $8.5 billion, with daily trading volume around $375 million and realized volatility of about 3%. Year-to-date, STRC has raised $5.58 billion, a 189% increase compared with earlier periods.
Cumulative dividends total $692.5 million, paid across 23 consecutive periods without a miss. Shareholders are set to vote on changing STRC dividend payments to a semi-monthly schedule. Management expects the change to improve liquidity and smooth pricing, which would shift payouts to twice per month if approved.
MicroStrategy’s software segment continues to generate revenue. For the quarter, revenue increased 11.9% to $124.3 million, and gross margin remained at 67.1%. Cash reserves ended the period at $2.21 billion, providing a buffer for operations.
Despite the software growth, the company’s financial outcome is closely tied to Bitcoin. The $12.54 billion loss stems from unrealized markdowns rather than realized sales, so the direction of future results depends on Bitcoin price movements relative to MicroStrategy’s cost basis.
MicroStrategy’s Bitcoin yield was 9.4% year-to-date, a proprietary measure used to track how much Bitcoin the company is adding relative to dilution. The 63,410 coins added since January are presented as translating to roughly $4.97 billion in illustrative gains in BTC terms.
MicroStrategy’s average cost of $75,537 per coin is only about 3.8% below the May 1 market price of $78,374. The narrow margin implies limited room for price declines before unrealized losses widen further.
STRC’s 23 consecutive dividend payments and $692.5 million in total payouts have supported investor demand, with the proposed semi-monthly schedule intended to make the preferred stock more liquid and tradable. MicroStrategy’s broader strategy leaves shareholders highly exposed to Bitcoin price movements, given the company’s 818,334 BTC position.
MicroStrategy holds 818,334 Bitcoin as of the first quarter of 2026, a 22% increase since January.
The company’s average cost per Bitcoin is $75,537, compared with a market price of approximately $78,374 on May 1.
STRC is MicroStrategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. It has raised $5.58 billion year-to-date, a 189% increase, and has a market cap exceeding $8.5 billion.
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