Why Strategy’s $12B Loss Looks Worse Than The Headlines

Strategy (NASDAQ: MSTR) just printed an unusually large Q4 2025 loss stack, with results dominated by mark-to-market treatment on digital assets. The company reported an operating loss of $17.4 billion for Q4 2025, versus an operating loss of $1.0 billion in Q4 2024. Management attributed the Q4 2025 operating loss to an unrealized loss on […] The post Why Strategy’s $12B Loss Looks Worse Than The Headlines appeared first on the deep dive.