•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Strategy closed the first quarter of 2026 with a net loss of $12.54 billion, or $38.25 per diluted share. Total revenue rose to $124.3 million, an 11.9% increase year over year, as the company continued to expand its Bitcoin holdings and related financing activities.
The technology firm reported a net loss of $12.54 billion for the first three months of 2026, driven primarily by extreme volatility in digital assets during the quarter. The loss per share of $38.25 was higher than analysts’ expectations of an average loss of $18.98 per share.
Bitcoin’s decline was a key factor. The report states that Bitcoin fell by more than 23% between January and March 2026, marking its worst start to a year since 2018.
Strategy’s operating loss totaled $14.47 billion in the period, compared with $5.92 billion in the first quarter of 2025.
Digital asset accounting contributed directly to the deterioration in results. The company recorded an unrealized loss of $14.46 billion on its cryptocurrency holdings during the quarter.
Despite the net loss, operating revenues showed resilience. Revenue increased to $124.3 million from $111.1 million a year earlier, supported by its core software services.
The gross margin was 67.1%, down from 69.4% in the first quarter of 2025.
Cash reserves declined modestly. As of March 31, 2026, Strategy held $2.21 billion in cash, down from $2.30 billion at the end of December 2025.
Under founder Michael Saylor, the company continued its accumulation strategy. During the quarter, Strategy acquired approximately 89,600 BTC worth $5.5 billion, described as one of its largest historical quarterly purchases.
As of May 3, 2026, Strategy held 818,334 BTC acquired at an average price of $75,537 per unit. As of May 1, 2026, the market value of its Bitcoin treasury was $64.14 billion. At a stated Bitcoin price of $78,374 per coin, the company reported an unrealized gain of approximately $2.3 billion over its total cost basis.
CEO Phong Le said the company’s digital credit instrument, STRC, has raised $5.6 billion so far in 2026. Le also reported that STRC daily liquidity reached $375 million and that STRC volatility remained at 3%, even during the bear market affecting the underlying asset.
CFO Andrew Kang described Strategy as the dominant global issuer of digital credit, citing more than $13.5 billion in outstanding preferred shares backed by the company’s Bitcoin balance sheet.
Strategy also relied on at-the-market (ATM) offering programs. In the first quarter of 2026, the company generated $7.37 billion in gross proceeds through these sales, and it added another $4.32 billion between April and early May.
Heading into the close of the second quarter, Strategy reported a Bitcoin yield (BTC Yield) of 9.4% year-to-date. The company indicated that upcoming SEC compliance reports will provide details on whether it resumes its buying pace following a pause observed in late April.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
