2026년 2월 7일 · Unknown · financial · 출처 Yahoo Finance
Strategy (Nasdaq: MSTR), formerly MicroStrategy, reported the financial results for the fourth quarter of 2025 on Feb. 5.
The world's largest Bitcoin (BTC) treasury company posted a net loss of $12.4 billion, or $42.93 per MSTR common share, during the quarter.
As of Feb. 1, the company held 713,502 Bitcoin acquired at a total cost of $76,052 per coin.
Related: Saylor's MicroStrategy reports billions in quarterly loss
With BTC trading only slightly above $67,000 right now, Strategy's Bitcoin holding is underwater. The unrealized losses on these holdings are the primary reason for the quarterly loss.
But Strategy CEO Phong Le thinks the company's shareholders need not worry.
During the earnings call yesterday, Le said the recent Bitcoin crash doesn't pose any significant risk to the company's balance sheet.Phong Le, chief executive officer of Strategy, speaks during the Australian Crypto Convention in Sydney, Australia, on Saturday, Nov. 22, 2025.
Bitcoin needs to crash to $8,000 and stay at that level for 5-6 years before it can pose a real threat to servicing Strategy's convertible debt, he reassured the investors.
"In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt, and we will not be able to then pay off our convertibles using our Bitcoin reserve, and we'd either look at restructuring, issuing additional equity, issuing additional debt."
CFO Andrew Kang said Strategy continues to execute "even in a volatile environment."
Co-founder and executive chairman Michael Saylor tried to dispel investor fears by emphasizing the company's long-term approach, though he admitted sharp Bitcoin moves can be "unsettling."
"The company is well managed, well collateralized, and responsibly structured so that we can stand difficult months, difficult quarters, even difficult years or two or three-year cycles at a time."
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Saylor also dismissed any concerns regarding quantum computing being a potential risk to Bitcoin. He admitted it's "promising" but still "nascent."
"We think it's probably 10 or more years away before there's a threat, that is the consensus."
Quantum computing poses a threat, if it does, not only to Bitcoin but to all cryptography-dependent industries such as finance and defense, he added.
"Bitcoin is upgradable, and Bitcoin can be upgraded to be stronger."
Strategy will launch a Bitcoin security program to support initiatives dedicated to making Bitcoin quantum-resistant.
Story Continues
The MSTR stock opened 13.64% higher than its previous day closing price, changing hands at $121.58.
Bitcoin was trading at $68,073.93 at press time, down 3% in the last 24 hours.
Related: Michael Saylor reveals 'greatest risk' to Bitcoin
This story was originally published by TheStreet on Feb 6, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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