Strategy Posts $14.5 Billion Loss on Bitcoin Holdings. The ‘Never Sell’ Mantra Fades.

Strategy losses swelled in the first quarter as the Bitcoin holder’s massive crypto treasury continues to dictate its bottom line. Strategy posted a quarterly loss of $12.77 billion ($38.25 a share), far wider than the loss of $4.23 billion ($16.49 a share) reported in 2025. The change was driven by a steep drop in the value of Strategy’s Bitcoin holdings, which it records as losses.