MSTR - SAYLOR’S STRATEGY BRACES FOR MAJOR Q4 BITCOIN LOSS Strategy Inc. is expected to report a multibillion-dollar fourth-quarter loss after Bitcoin fell 24%, reversing a $2.8 billion profit in the prior quarter. The loss reflects unrealized declines in the value of the company’s roughly $60 billion Bitcoin holdings under new fair-value accounting rules. The expected hit comes as investor sentiment toward the Bitcoin-treasury model weakens. Strategy’s shares fell 48% in 2025 and are nearly 70% below their November 2024 peak, raising concerns about funding dividends and interest costs. The company raised cash in December by selling shares to bolster liquidity. Strategy now projects full-year operating results ranging from a $7 billion loss to a $9.5 billion profit, based on Bitcoin prices between $85,000 and $110,000. With Bitcoin ending the year near $87,600, results are likely toward the lower end. The company’s enterprise value is nearing parity with its Bitcoin holdings, highlighting growing skepticism around the sustainability of the model.(*Walter Bloomberg)