MicroStrategy Books $12.5B Net Loss on $14.5B Bitcoin Write-Down
MSTR•MicroStrategy holds 847,363 BTC bought for $64.1 billion at an average price of $75,651 and reported a $14.46 billion unrealized loss that generated a $12.54 billion net loss in early 2026 under ASC 2023-08. Its market-to-net-asset-value ratio fell to 0.99 as Bitcoin dipped below $60,000, eroding share premium and cash runway.
1. Bitcoin Holdings and Purchase Details
MicroStrategy holds 847,363 BTC purchased for $64.1 billion at an average price of $75,651 per coin, representing the largest corporate Bitcoin position.
2. Accounting Write-Down and Net Loss
Under ASC 2023-08, the company marked its Bitcoin to fair value, booking a $14.46 billion unrealized loss and recording a $12.54 billion net loss in early 2026, or $38.25 per diluted share.
3. Market-to-NAV Ratio and Funding Challenges
As Bitcoin slipped below $60,000, MicroStrategy’s market-to-net-asset-value ratio dropped to 0.99, eliminating its share-price premium, reducing capital raise efficiency and squeezing its cash runway.
