MicroStrategy, now Strategy, posted a $12.44 billion net loss in Q4 2025 mainly due to a $17.44 billion unrealized loss on bitcoin. Despite a rally in its stock price driven by bitcoin treasury announcements, its core software business is small and unprofitable. CEO Phong Le plans to raise $25.3 billion in 2025 to buy more bitcoin, increasing financial risk. In contrast, CME Group reported strong Q1 2026 results with $1.88 billion revenue and $1.15 billion net income, diversified across multiple asset classes and offering steady dividends and buybacks. CME’s stable earnings and low beta make it a safer choice for long-term investors compared to MicroStrategy’s volatile bitcoin exposure and heavy dilution.
