MicroStrategy Inc., now known as Strategy Inc., reported its financial performance in its recent 10-K filing, highlighting a year marked by significant shifts in its financial strategy and market positioning. The company, which officially changed its name in August 2025, is now recognized as the world's first and largest Bitcoin Treasury Company, alongside its established role as an industry leader in AI-powered enterprise analytics software. Strategy Inc. held approximately 717,131 bitcoins as of February 13, 2026, acquired at an aggregate purchase price of $54.5 billion and an average purchase price of approximately $76,027 per bitcoin.
The company's financial results for the year ended December 31, 2025, reflect the impact of its bitcoin strategy and the adoption of ASU 2023-08, which requires digital assets to be measured at fair value. Strategy Inc. reported total revenues of $477.2 million, a 3.0% increase compared to $463.5 million in 2024. However, the company experienced a net loss of $3.85 billion, primarily due to an unrealized loss on digital assets of $5.40 billion, partially offset by a deferred tax benefit of $1.55 billion. This contrasts with a net loss of $1.17 billion in the previous year. The company's enterprise analytics software business saw growth in subscription services revenue, which increased by 64.5% to $175.7 million, while product license revenue decreased by 18.3% to $39.7 million as the company continues to transition customers to cloud-based solutions.
Operationally, Strategy Inc. has focused on managing its bitcoin holdings and capital structure. In December 2025, the company established a US dollar reserve (USD Reserve) to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness. As of February 13, 2026, the balance of the USD Reserve was $2.25 billion. The company has also been actively issuing preferred stock instruments, designed to appeal to investors interested in gaining economic exposure to bitcoin across a wide spectrum of yield, duration, and risk tolerance preferences. As of December 31, 2025, the company had a total of 1,539 employees, with 448 based in the United States and 1,091 internationally.
Looking ahead, Strategy Inc. intends to continue its bitcoin acquisition strategy, while also focusing on its enterprise analytics software business. The company plans to manage its capital structure to support continued bitcoin accumulation and generate value from its bitcoin holdings. However, the company acknowledges the risks associated with its bitcoin strategy, including the volatility of bitcoin prices, regulatory changes, and security risks. The company also faces competition in the AI and analytics markets and is subject to evolving laws and regulations relating to privacy and data protection.
About MICROSTRATEGY Inc
MicroStrategy Incorporated is a pioneering technology company focused on enterprise analytics and Bitcoin development. It offers AI-powered analytics software, notably the MicroStrategy ONE platform, to enhance data-driven decision-making for various industries. With a significant Bitcoin acquisition strategy, MicroStrategy aims to leverage its holdings as a treasury reserve asset. The company actively engages in Bitcoin advocacy and innovation, positioning itself uniquely in the digital assets market.
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