Saylor’s Strategy Reports $5.9B Loss Despite Bitcoin Holdings

ByMason Drake

Strategy, Michael Saylor’s firm and the world’s largest corporate Bitcoin holder, paused its aggressive Bitcoin purchasing last week despite prices dipping below $87,000. The company disclosed a staggering $5.91 billion unrealized loss for Q1 2025 in its latest SEC filing, though it expects a $1.69 billion tax benefit to partially offset the loss.

According to the April 7 SEC filing, Strategy made no Bitcoin purchases during the week of March 31 to April 6, despite significant price volatility that saw the cryptocurrency surge to $87,000 on April 2 before falling below $80,000 by week’s end.

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Massive Holdings Despite Market Turbulence

As of April 7, Strategy holds an impressive 528,185 Bitcoin acquired for $35.6 billion, with an average purchase price of $67,458 per Bitcoin. This substantial position represents the largest Bitcoin treasury of any publicly traded company globally, as reported by Cointelegraph.

The company also refrained from selling any of its class A common stock during the period, which it typically uses to finance its Bitcoin acquisitions. This dual pause in both Bitcoin purchasing and stock sales marks a significant shift in Strategy’s previously aggressive accumulation strategy.

The decision follows a week of heightened market volatility that coincided with President Donald Trump’s tariff announcements, which sent ripples through both traditional and cryptocurrency markets. Bitcoin tumbled from its intra-week high of $87,100 on April 2 to below $82,000 following the news.

Saylor Remains Bullish Despite Losses

While Strategy temporarily halted its buying spree, co-founder and former CEO Michael Saylor continued to champion Bitcoin’s value on social media. “Bitcoin is most volatile because it is most useful,” Saylor wrote on X on April 3, as Bitcoin prices fluctuated dramatically.

Saylor framed the market’s reaction to Trump’s tariffs as evidence of broader economic vulnerabilities. “Today’s market reaction to tariffs is a reminder: inflation is just the tip of the iceberg,” he noted. “Capital faces dilution from taxes, regulation, competition, obsolescence, and unforeseen events. Bitcoin offers resilience in a world full of hidden risks.”

This perspective aligns with Saylor’s long-standing view that Bitcoin serves as a hedge against currency devaluation and economic uncertainty—a position he has maintained even as Bitcoin’s price volatility has impacted Strategy’s financial performance.

Photo Source: Gage Skidmore/Michael Saylor/WikipediaCommons

Financial Impact and Future Outlook

The $5.91 billion unrealized loss for Q1 2025 represents a significant paper setback for the company, though the anticipated $1.69 billion tax benefit will help mitigate some of the damage. Strategy calculates these unrealized losses based on the difference between Bitcoin’s acquisition price and its market value at the end of each reporting period.

Despite the current pause, analysts remain divided on whether this signals a fundamental shift in Strategy’s approach or merely a temporary tactical decision. The company previously purchased 22,000 Bitcoin in a transaction announced on March 31, just before the reporting period covered in the latest filing, according to Crypto Times.

Market Implications

Strategy’s decision to pause Bitcoin purchases comes at a time when institutional interest in cryptocurrency has been growing. The company’s massive holdings and market activities are closely watched by investors as potential indicators of institutional sentiment toward digital assets.

The temporary halt in purchases raises questions about whether other institutional buyers might similarly reconsider their cryptocurrency strategies in light of recent market volatility and the broader economic uncertainty triggered by new tariff policies.

While Strategy’s unrealized losses appear substantial, they must be viewed in the context of the company’s long-term investment philosophy. Saylor has repeatedly emphasized a multi-decade horizon for Bitcoin investment, arguing that short-term price fluctuations are less relevant than Bitcoin’s fundamental value proposition as “digital gold.”

As markets continue to process the implications of recent policy shifts and Bitcoin prices remain volatile, the cryptocurrency community will be watching closely to see when—or if—Strategy resumes its Bitcoin accumulation strategy in the coming weeks.

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Mason Drake

Mason has been covering the exciting and fast-pasted crypto space since the early days of Bitcoin. From decentralized finance to NFT trends, he provides deep analysis on where the industry is headed and what it means for investors.

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