Michael Saylor’s Strategy reported a $14.46 billion unrealized loss on its bitcoin holdings for Q1 2026.

According to its latest 8-K Securities and Exchange Commission filing, the drop in the value of its bitcoin and associated tax loss generated a $2.42 billion deferred tax asset, so the firm can partially offset its on-paper losses. 

Despite being underwater on its holdings, Strategy added another 4,871 BTC to its bitcoin holdings for about $330 million between April 1 and April 5. This bumped its total trove to 766,970 bitcoins, worth about $53 billion at current prices. 

With its latest acquisition, Strategy’s average purchase price has fallen slightly to $75,644 per coin, down from $75,694 on March 31. The bitcoin purchases were made using proceeds from Strategy's at-the-money stock offerings. 

Strategy is sitting on an unrealized loss of $4.7 billion, having spent more on average to acquire its bitcoin trove than the bitcoins are currently worth, according to SaylorTracker.

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Last month, Strategy reworked its ATM program to gradually sell $21 billion of additional common MSTR stock, $21 billion of its STRC preferred shares, and $2.1 billion of STRK preferred shares, rather than raising capital in a single transaction.

The ATM programs are a core part of the firm’s previously announced "42/42" plan, which targets $84 billion in capital raises through equity and convertible notes by 2027 to fund additional bitcoin purchases.

Last December, Strategy updated its long-term capital structure to include a USD reserve, which would help support the firm’s ability to pay dividend payments and increase its digital asset treasury flexibility.