Strategy, 18 trillion won in net losses... Bitcoin rebounds, second-quarter recovery draws attention

Strategy (formerly MicroStrategy) recorded a net loss of approximately $12.54 billion (about 18.25 trillion Korean won) due to the decline in Bitcoin (BTC) in the first quarter of 2026. However, as Bitcoin rebounded in the second quarter, expectations for a performance recovery are increasing.

On January 1, 2026, Bitcoin was priced at about $87,000, dropping to around $68,000 by the end of March. During this period, Strategy reflected valuation losses on its large Bitcoin holdings, leading to a significant impact on its first-quarter performance.

Nevertheless, the company’s “Bitcoin strategy” remains unchanged. Led by Chairman Michael Saylor, Strategy continues to adopt an aggressive accumulation stance. Currently, it holds a total of 818,334 BTC, with an average purchase price of approximately $75,537.

Bitcoin rebound… Expectations for second-quarter performance expand

Entering the second quarter, market sentiment shifted rapidly. Bitcoin rebounded to the $80,000 level, becoming a key factor in boosting expectations for Strategy’s improved performance.

The company still maintains ample liquidity. As of the end of the first quarter, it held about $2.25 billion (approximately 3.27 trillion Korean won) in cash, enough to support dividend payments on preferred shares for about 18 months.

The stock price trend shows a mixed picture. Strategy (MSTR) stock has risen about 20% since the beginning of the year but remains over 50% below the same period last year. This indicates a structural impact of Bitcoin price volatility on corporate value.

Investors focus on “strategy” rather than performance

The market believes that the poor performance in the first quarter has largely been reflected. Accordingly, investors’ focus is shifting from actual results to future strategies.

Especially during the earnings call at 5 p.m. Eastern Time, Michael Saylor and management’s discussion of the “Bitcoin accumulation strategy” and capital operation directions are viewed as key variables.

Analysis suggests that ultimately, Strategy’s performance depends on its correlation with Bitcoin’s price cycle rather than short-term results. If Bitcoin maintains an upward trend, the current structure could instead generate strong leverage effects.

Article summary by TokenPost.ai 🔎 Market interpretation Due to Bitcoin’s decline, Strategy recorded significant valuation losses in the first quarter, which are accounting losses caused by asset price changes. Entering the second quarter, as Bitcoin rebounded, expectations for performance improvement are rapidly reflecting. The structure of enterprise value closely linked to Bitcoin prices is reaffirmed.

💡 Strategic points Strategy continues to increase Bitcoin holdings during the decline, betting on long-term growth. The large holding structure may provide strong leverage effects during upward trends. Investors should focus on Bitcoin’s cycle and the company’s accumulation strategy, rather than short-term performance.

📘 Terminology explanations Valuation loss: Refers to an accounting loss on assets that have not been sold but have decreased in value due to price drops. Bitcoin accumulation strategy: An investment approach that expects long-term appreciation by continuously purchasing BTC. Leverage effect: A structure where returns are multiplied when asset prices rise.

💡 Frequently Asked Questions (FAQ)

Q. What caused Strategy to incur huge losses in the first quarter? The main reason is that Bitcoin’s price dropped sharply in the first quarter, leading to a decrease in the value of its holdings. This is not an actual cash loss but an accounting loss due to the decline in the valuation of held Bitcoin. Q. Is Strategy still buying Bitcoin? Yes, Strategy maintains an aggressive accumulation strategy. It holds over 810k Bitcoin and continues to bet on long-term Bitcoin price increases. Q. What should investors focus on in the future? The key is Bitcoin’s price trend and the company’s accumulation strategy, rather than short-term results. Especially if the upward trend continues, the current structure is very likely to generate high returns.

TP AI Notice This article summary was generated using the TokenPost.ai base language model. The main content of the original text may be omitted or inconsistent with facts.