MicroStrategy posts $12.5B Q1 loss, raises $11.7B
MicroStrategy reported a $12.54 billion Q1 2026 net loss from a $14.46 billion unrealized Bitcoin markdown and said it raised $11.68 billion year-to-date.
MicroStrategy posted a $12.54 billion net loss for the first quarter of 2026, the largest in the company’s history, driven by a $14.46 billion unrealized markdown on its Bitcoin holdings. The loss reflects an accounting markdown tied to market value of digital assets and did not represent a cash outflow.
The firm held 818,334 BTC at quarter end, an increase of 22% since January. MicroStrategy disclosed the market value of its digital assets was $64.14 billion as of May 3 and listed an average cost basis of $75,537 per coin versus a May 1 market price near $78,374. Under its proprietary metrics the company reported a 9.4% Bitcoin yield year-to-date, equivalent to 63,410 added BTC and about $4.97 billion in illustrative gains for shareholders.
The company reported it raised $11.68 billion year-to-date through equity issuance, making it the largest U.S. equity issuer so far in 2026. Its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, reached an $8.5 billion market capitalization within nine months. STRC’s daily trading volume is near $375 million with realized volatility around 3%.
STRC raised $5.58 billion year-to-date, up 189%, and cumulative dividends across all preferred series totaled $692.5 million paid over 23 consecutive distributions. Shareholders are voting on a proposal to shift STRC dividend payments to a semi-monthly schedule; management argued the change would increase liquidity and price stability.
MicroStrategy’s software business reported analytics revenue rose 11.9% to $124.3 million and gross margin held at 67.1% for the quarter. The company ended Q1 with $2.21 billion in cash. Company filings noted that future results will depend on Bitcoin’s price trajectory and continued demand for its preferred stock issuances.
Founder and Executive Chairman Michael Saylor posted the company’s key figures on social media, highlighting the 818,334 BTC holding, the 9.4% Bitcoin yield achieved year-to-date and the $11.68 billion raised in 2026.
