MicroStrategy reported a first-quarter net loss of $12.54 billion, or $38.25 per share, on $124.3 million in revenue, representing 11.9% year-on-year growth but missing the $125.07 million consensus. The operating loss widened to $14.47 billion due to substantial unrealized writedowns on its Bitcoin holdings.

The firm increased its Bitcoin stash to 818,334 BTC as of May 3, marking 22% growth year to date at an average cost of $75,537 per coin, though these holdings generated a $14.46 billion unrealized loss for the quarter.

Chairman Michael Saylor said MicroStrategy will likely sell some Bitcoin to fund dividend payouts and “inoculate” the stock, marking a reversal of its long-standing “never sell” policy, with sale volume contingent on Bitcoin price and capital market conditions. CEO Phong Le noted potential tax benefits from such sales and said disposals would be considered when accretive to Bitcoin per share.

The company has raised $11.68 billion in capital year to date, including $5.58 billion via STRC preferred shares, and has paid $692.5 million in cumulative dividends across 23 distributions. Cash and equivalents stood at $2.21 billion as of March 31, down from $2.30 billion at year-end 2025.