Strategy Inc. (Nasdaq: MSTR) reported a $12.54 billion net loss in Q1 2026 driven by $14.46 billion in unrealized bitcoin valuation losses, while revenue rose 11.9% YoY to $124.3 million. The company raised $11.68 billion year‑to‑date to expand its bitcoin treasury via STRC perpetual preferred stock, at‑the‑market equity offerings and other sales. As of May 3, Strategy held 818,334 BTC with an original cost basis of $61.81 billion and a market value of $64.14 billion; it reported a 9.4% BTC yield and a $4.97 billion BTC gain YTD. STRC traded near $99.96 with an 11.50% yield and $8.54 billion notional. Management highlighted that the bitcoin‑treasury model can scale quickly but creates sharp earnings volatility; the company noted ongoing STRC demand, dividend activity and proposals to move STRC dividends to semi‑monthly payments.

The company recorded a large $12.54B net loss driven by $14.46B in unrealized bitcoin valuation losses (negative for equity sentiment), but continues to raise capital ($11.68B YTD) and holds 818,334 BTC with market value ($64.14B) above cost basis ($61.81B) and a $4.97B YTD BTC gain (mixed signals). STRC trading and dividend proposals are factual details affecting investor flows.