Strategy, the largest corporate holder of bitcoin, reported an unrealized loss of $14.46 billion for the first quarter of 2026.

Accounting change drives paper losses

The company attributed the mark-to-market loss to new U.S. accounting rules requiring crypto assets to be valued at current market prices for financial reporting purposes.

Holdings and valuation gap

On the balance sheet Strategy holds 766,970 BTC at an average cost of approximately $75,600 per coin, a figure higher than recent market levels.

With the market trading near $68,000 per bitcoin, the difference between book valuation and quoted price generated the main negative adjustment for the quarter.

Reporting context

The loss is described as unrealized and reflects accounting revaluation rather than cash outflows or sales of assets during the period.

Strategy did not report corresponding liquidity events tied to the valuation change in its public disclosure for Q1 2026.