What to know:

Strategy (MSTR) reported a $12.54 billion loss in the first quarter of 2026.
The loss came as the price of bitcoin fell from about $87,000 to $68,000 during the quarter.
Five weeks into the second quarter, bitcoin has rebounded to above $80,000 as Strategy has continued to accumulate BTC at a fast pace, possibly setting the company up for a big profit in the April-June period.

Disclosure: The author of this story owns shares in Strategy (MSTR).

Strategy (MSTR) reported a net loss of $12.54 billion in the first quarter of 2026, as bitcoin fell from around $87,000 on Jan. 1 to roughly $68,000 by March 31.

Since the start of the second quarter, bitcoin has rebounded to above $80,000, while Strategy has continued to accumulate coins at a rapid pace, potentially setting the company up to post a sizable profit in the April-June period.

Led by Executive Chairman Michael Saylor, the company, the largest corporate holder of bitcoin, currently owns 818,334 BTC, acquired at an average price of $75,537.

Strategy ended the first quarter with $2.25 billion in cash, enough to cover approximately 18 months of preferred stock dividends.

MSTR shares are higher by nearly 20% year-to-date, though they remain lower by more than 50% on a year-over-year basis.

With first-quarter results largely expected and likely long ago priced in, investor focus will shift to the 5 p.m. ET earnings call, where Saylor and his leadership team are likely to outline their strategy.