But they didnt sell any bitcoin. So those are unrealized losses. Cannot be counted as net loss.

Saylor's Strategy Posts Wider Quarterly Loss on Bitcoin Slump, Shares Down 3%

Michael Saylor's $Strategy(MSTR)$ reported a wider first-quarter loss on Tuesday, hammered by a slump in bitcoin prices that weighed on the value of its sizeable crypto holdings amid heightened...
Saylor's Strategy Posts Wider Quarterly Loss on Bitcoin Slump, Shares Down 3%
# 2026 Q1 Earnings Results

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