MicroStrategy Posts $12.5 Billion Q1 2026 Loss on Bitcoin Slide

MicroStrategy Inc posted a $12.54 billion net loss for the first quarter of 2026, the largest in the firms history. The deficit reflects a $14.46 billion unrealized markdown on its Bitcoin (BTC) holdings. Despite the headline loss, the company raised $11.68 billion year-to-date, the biggest US equity issuance of 2026. Bitcoin holdings now total 818,334 BTC, up 22% since January. Bitcoin Position Expands During Bear Market MicroStrategys digital assets reached a market value of $64.14 billion as of May 3. The average cost basis sits at $75,537 per coin against a May 1 market price near $78,374. The firm reported a 9.4% BTC Yield year-to-date under its proprietary key performance metrics. That translates to 63,410 added bitcoin and roughly $4.97 billion in illustrative gains for shareholders. $MSTR announces Q1 2026 results: 818,334 $BTC held 9.4% BTC Yield achieved YTD 2026 $STRC scaled to $8.5 billion in 9 months Largest US equity issuer, raised $11.6 billion YTD 2026 Michael Saylor (@saylor) May 5, 2026 STRC Scales Past $8.5 Billion in Nine Months STRC, the companys Variable Rate Series A Perpetual Stretch Preferred Stock, now carries an $8.5 billion market capitalization. Daily trading volume sits near $375 million with realized volatility at 3%. The instrument raised $5.58 billion year-to-date, a 189% jump. Cumulative dividends across all preferred series total $692.5 million, paid over 23 consecutive distributions without interruption. Shareholders are voting on a proposal to shift STRC payments to a semi-monthly schedule, which management argues will improve liquidity and price stability. Software Business Steady Analytics revenue rose 11.9% to $124.3 million in the quarter. Gross margin held at 67.1%, while cash reserves closed Q1 at $2.21 billion. Strategys next quarterly print will hinge on bitcoins price trajectory and continued demand for its preferred stock issuance.