Strategy get 713K BTC don cause $17.4B paper loss; $2.25B cash reserve dey try protect payouts

Strategy Inc (like MicroStrategy company) report say dem make record Q4 2025 net loss about $12.4–12.6 billion after Bitcoin drop pass 20% from e early‑October peak. Di company get 713,502 BTC wey dem buy for about $54.26 billion (average cost ≈ $76,052 per BTC), so dem dey carry about $17.4 billion unrealized paper loss as BTC dey trade for $60k–$88.5k range and e even fall small below. Strategy raise about $25.3 billion for 2025 through equity and preferred offers and dem add over 200,000 BTC to im treasury, still dey accumulate even though market dey volatile. Q4 revenue small increase to $123 million year‑on‑year, helped by im business intelligence unit, while net loss reflect big mark‑to‑market swings for BTC value. Management talk say dem get $2.25 billion cash to cover dividend and interest obligations for about 2–2.5 years at current run‑rates and dem say no big debt maturities until 2027; company carry around $8.2 billion convertible debt (≈13% net leverage). Shares drop about 17% for after‑hours trading and don fall over 30% from late‑2025 highs as investors worry about dilution, leverage and more markdowns. For traders: di firm concentrated BTC exposure make am very sensitive to Bitcoin price swings — negative price action fit force repeated big mark‑to‑market losses and weigh down market sentiment toward BTC‑linked equities; but the cash buffer and deferred maturities reduce immediate liquidation risk. Key SEO keywords: MicroStrategy, Bitcoin treasury, BTC holdings, unrealized losses, cash reserve, dilution, MSTR stock.