MicroStrategy posts $12.54B loss as Bitcoin holdings fall below cost basis amid aggressive BTC buying.

MicroStrategy reported a $12.54 billion quarterly loss mainly due to a $14.46 billion unrealized markdown on its Bitcoin holdings, which total 818,334 coins bought at an average cost of $75,537 each. Despite the loss, the company raised $11.68 billion in equity this year—the largest U.S. equity raise of 2026—to buy more Bitcoin, increasing its holdings by 22%. Its software business remains profitable but small compared to its massive Bitcoin exposure, making MicroStrategy essentially a Bitcoin proxy. The future depends heavily on Bitcoin's price movements, with potential gains if BTC rises above cost or deeper losses if it falls further.