Estrategia enfrenta pérdidas multimillonarias tras desplome del 24% de Bitcoin en el cuarto trimestre
Los números no mienten—y en este caso, pintan un panorama rojo intenso.
El impacto del mercado bajista
Cuando Bitcoin cae, las réplicas se sienten en toda la cadena de valor. Un retroceso del 24% en un solo trimestre no es una simple corrección; es un terremoto que prueba la resiliencia—o la fragilidad—de cualquier estrategia expuesta. Los balances ahora reflejan lo que los gráficos ya mostraban: volatilidad extrema con consecuencias reales.
La prueba de fuego para las tesis de inversión
Los trimestres difíciles separan la convicción estratégica de la mera especulación. Mientras algunos ven caídas, otros ven oportunidades de acumulación—aunque esa narrativa suena más convincente cuando no eres tú quien reporta las pérdidas multimillonarias. La industria financiera tradicional siempre ha mirado con escepticismo estos vaivenes, murmurando sobre 'activos sin fundamentos' entre sorbos de café caro.
El camino hacia adelante
Los mercados cripto no piden permiso ni ofrecen disculpas. Gestionar el riesgo en este entorno requiere más que optimismo—exige estructuras que resistan tormentas perfectas. Los inversores veteranos saben que detrás de cada ATH hay múltiples correcciones dolorosas, y que la paciencia sigue siendo el activo más escaso—y valioso—en este espacio.
La verdad incómoda: en las finanzas tradicionales, estas pérdidas generarían interrogatorios parlamentarios; en cripto, es solo otro jueves.
Strategy’s accounting change exposes the full effect of Bitcoin’s drop
Cryptopolitan previously reported that Strategy changed how it logged its crypto holdings in Q1 2024 when the company began valuing its Bitcoin at current market prices, rather than keeping it at cost.
That naturally makes earnings far more sensitive to price moves, especially during sharp selloffs like the one seen in the fourth quarter.
Bitcoin fell 24% over that period. That single move explains why the coming loss looks so heavy. Aaron Jacob, an associate professor at Brigham Young University and a senior adviser at Taxbit, put it plainly. “There was this one-time pop, but that is a different story in this quarter,” Jacob said. “It is going to be a sizable loss.”
The timing matters. Strategy, once known as MicroStrategy, reinvented itself years ago as a leveraged Bitcoin proxy. That approach paid off for a while. The stock beat major indexes after the shift. But sentiment turned in 2025. The shares fell 48% during the year, signaling growing doubts about the treasury‑heavy model Saylor built more than five years ago.
Falling equity prices also raised practical concerns. Bitcoin produces no income. The company’s software unit brings in limited positive cash flow. Investors began to question how Strategy would cover future costs like dividends and interest payments without selling Bitcoin. To ease that pressure, the company raised cash on Dec. 1 by selling common shares and building a reserve.
Strategy juggles guidance, balance sheet pressure, and fading premium
At the start of last month, Strategy updated its full‑year outlook using a Bitcoin price range of $85,000 to $110,000 by year‑end. Based on that range, the company projected operating income anywhere from a $7 billion loss to a $9.5 billion profit. Bitcoin finished the year down 6.5%, closing at $87,648, pushing expectations closer to the lower end of that range.
Saylor’s crypto movement is no longer unique, as you should know, because in 2024, many public companies copied the Strategy playbook to attract investors seeking stock‑based crypto exposure.
Some surged early, then sank as prices rolled over. Tommy Lee‑backed BitMine Immersion Technologies followed that path and now faces the same fair‑value accounting rules.
Bitcoin’s crash also hit Saylor personally, as his net worth fell about 40% in 2025 to roughly $3.8 billion, according to the Bloomberg Billionaires Index.
Another pressure point is Strategy’s enterprise value, which includes debt and perpetual preferred stock, stood at $61 billion, which is close to the value of its Bitcoin holdings and risks slipping below it for the first time in more than two years.
The stock has dropped by nearly 70% from its November 2024 peak, dragging the company’s mNAV to just above 1 and wiping out most of the premium investors once paid for Strategy exposure.
But on the first trading day of 2026, Strategy stock has surged by 5.2% as of press time to around $160, while Bitcoin has rallied 2.6% to $90,549.
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