📊 Michael Saylor’s Strategy (ex-MicroStrategy) is sitting on a huge unrealized $BTC loss According to the latest SEC disclosures, Strategy reported a $17.44 B unrealized loss on its Bitcoin holdings in Q4 2025 as BTC prices fell sharply late last year. For the full 2025 year, the company posted about a $5.4 B unrealized loss on digital assets tied to Bitcoin’s volatility. 📉 This means on paper the Bitcoin treasury is worth significantly less than what Strategy paid for it but none of that loss is realized, as the company hasn’t sold those BTC. 👊 Still, Saylor’s firm kept buying adding billions more to its stash even through drawdowns. Long-term HODL play or too risky?