Strategy Loses Over Rp200 Trillion Due to Bitcoin Plunge

Q4 Report Reveals Major Risk of “All-in Bitcoin” Strategy
American technology company Strategy (, formerly known as MicroStrategy), reported a massive loss of US$12.4 billion in the fourth quarter. This loss occurred alongside a sharp decline in Bitcoin prices during that period.
This news was first reported by CoinDesk and immediately drew global market attention, as Strategy is known as a publicly traded company with the largest Bitcoin holdings in the world.
What Is the Cause of the Loss?
The loss was not due to core business operations but resulted from the decline in Bitcoin’s value recorded in the financial statements.
Strategy has been aggressively purchasing Bitcoin for years and recording it on its balance sheet. When Bitcoin’s price drops sharply, the value of these assets automatically decreases in the financial reports, even if the Bitcoin has not been sold.
In other words: This is an unrealized loss on paper — not an immediate cash loss.
However, it still has a significant impact on the profit and loss statement and investor perception.
How Large Is Strategy’s Bitcoin Exposure?
Strategy currently holds hundreds of thousands of Bitcoin, purchased at various price levels, including during high-price periods. When Bitcoin corrects sharply, the gap between the purchase price and the market price widens — and that’s what triggers these billion-dollar losses.
Strategy’s stock also comes under pressure because the market views this company more like a “leveraged Bitcoin ETF” rather than a typical software company.