How Bitcoin’s Crash Battered Michael Saylor’s Strategy, in 3 Charts
For a while there, it looked like Michael Saylor’s bitcoin-hoarding business software firm had cracked some secret code.
Investors piled into the stock, forked over more money during the firm’s many debt and equity raises over the years, and generally were amenable to Saylor’s pitch that piling up ever more bitcoin was a winning strategy.
That could be a tougher pill to swallow amid the deepening crypto winter of the last few months.
Michael Saylor’s iconic bitcoin treasury has tumbled amid the dramatic plunge in the token’s price, and the volatility since the October peak is being reflected in earnings.
Strategy reported a $12.4 billion net loss for the fourth quarter of 2025, with its fortunes slipping as…
