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.