Strategy reports 2026 Bitcoin yield of 3.7% despite $14.46 billion unrealized loss

Michael Saylor’s Strategy reported a 2026 BTC Yield of 3.7% despite recording a $14.46 billion unrealized loss in the first quarter. The update arrived as Bitcoin remained under pressure amid broader market uncertainty, including rising geopolitical tension tied to the U.S.-Iran conflict.

Bitcoin accumulation and reported BTC performance

In its latest post, Strategy said it acquired 94,470 BTC year to date in 2026 and generated a BTC gain of 24,675 BTC, which the company said is equal to about $1.7 billion. Strategy also said its purchases amount to 2.2 times Bitcoin’s natural supply, underscoring its Bitcoin-focused treasury strategy.

Even with the paper loss, the company continued adding to its holdings. Strategy reported buying another 4,871 BTC between April 1 and April 5, bringing total reserves to 766,970 BTC.

How Strategy frames results: BTC Yield and BTC Gain

Strategy has increasingly emphasized Bitcoin-specific measures to describe treasury performance. In the update, the company highlighted BTC Yield and BTC Gain rather than relying only on traditional income statement figures.

The company’s messaging remains centered on long-term Bitcoin accumulation, using year-to-date purchases and Bitcoin gain as key indicators of progress. The approach also reflects ongoing Bitcoin price volatility, with Strategy continuing to present reserve growth as its primary measure of performance.

Unrealized loss tied to quarter-end price

Strategy’s $14.46 billion unrealized loss was attributed to the gap between its average Bitcoin purchase cost and Bitcoin’s market value at quarter-end. Reports cited an average purchase cost basis of $75,644 per coin. With Bitcoin closing in March below that level, the company recorded a large paper loss.

Reports also said the accounting loss enabled Strategy to recognize a $2.42 billion tax benefit, which reduced part of the financial pressure associated with the quarter-end valuation gap. Investors appeared to focus on that tax effect alongside the headline loss figure.

At the same time, MSTR stock reportedly fell to $123.77, down 3.07% on the day of the update.

STRC highlighted as a financing tool

After the report, Saylor said, “Not perfect, just better,” and pointed to STRC, or Stretch preferred stock, as a key element of the company’s financing structure. According to the cited report, STRC offers an annual yield of 11.5%.

Saylor described STRC as a safe-haven style product within Strategy’s broader model. The instrument is presented as a way to raise liquidity for additional Bitcoin purchases without immediate dilution of common shares, making it an important funding tool as the company continues expanding its holdings.

In the same post, Saylor linked Bitcoin to broader technological change, referencing transportation, autonomous machines, and robots. He described Bitcoin as a digital vault intended to preserve value over time, aligning with his earlier view of Bitcoin as digital capital.

Debate continues as Peter Schiff weighs in

Peter Schiff also commented on the update. He said that if Bitcoin ends 2026 at $10,000, it would still be the best-performing asset over ten years, but he argued that such an outcome would still leave many holders with large losses.

Schiff’s remarks added to the ongoing debate around Strategy’s Bitcoin-first approach. Saylor continues to frame Bitcoin as a long-term reserve asset and a source of capital preservation, while Schiff continues to question Bitcoin’s volatility and Strategy’s reliance on market funding to acquire more of it.