MicroStrategy released its Q4 financial report, showing a loss of $12.4 billion, the largest loss since its IPO. The stock fell from $457 to $104. MicroStrategy's operations in 2025: 1. Added approximately 225,000 BTC, accounting for 3.4% of the circulating supply. 2. Raised $25.3 billion, becoming the largest equity issuer in the US. 3. Launched five types of preferred stock, packaging Bitcoin as an 8%–11% "financial product." This resulted in MicroStrategy incurring $888 million in annual interest expenses. Meanwhile, its annual software revenue was only $477 million. I checked, and MicroStrategy's current average BTC holding price is 76,000; now it's at 69,000, resulting in a loss of over $7 billion. MicroStrategy made a lot of money when BTC was rising; if it falls, it could very well collapse.