Strategy Inc. Suffers Rp246 Trillion Loss as Bitcoin Rises 5 Percent
Jakarta – Strategy Inc. (MSTR), the technology company owned by Michael Saylor, has reported a staggering loss due to the sharp decline in Bitcoin prices. During the first quarter of 2026, Bitcoin’s price plummeted by more than 20 percent, marking the largest quarterly drop since 2018.
According to Yahoo Finance, Strategy recorded an unrealised loss of US$14.5 billion, equivalent to approximately Rp246.6 trillion (based on an exchange rate of Rp17,010 per US dollar). This loss stems from the company’s total cryptocurrency holdings exceeding US$50 billion on its balance sheet, making it highly sensitive to Bitcoin price fluctuations.
The loss is also attributable to the adoption of fair-value accounting, which directly reflects price volatility in the profit and loss statement. This approach heightens the volatility of the company’s financial reports, where Bitcoin price movements can now trigger billions of dollars in profit changes in a short time.
Currently, the world’s most valuable digital asset has surged by around 5 percent, reaching a daily high of US$72,753, or approximately Rp1.22 billion. This spike occurred within hours following the announcement of a ceasefire between the United States and Iran.
Despite the pressure, Saylor continues his strategy of accumulating cryptocurrency assets. Between 1 and 5 April 2026, Strategy purchased 4,871 Bitcoins worth approximately US$330 million, at an average price of US$67,700 per coin.
The funds for the purchase came from the sale of Class A common shares and the issuance of preferred shares. However, this position has drawn attention because the current Bitcoin price is below the company’s average purchase price of more than US$75,000 per coin.
On the other hand, the company received some support from a deferred tax benefit of US$2.42 billion. Nevertheless, future funding strategies are seen as increasingly challenging.
Previously, Strategy relied on issuing shares at a premium to the value of its Bitcoin assets to finance additional purchases. Now, that premium is thinning, limiting funding options.
Saylor has begun relying on the issuance of preferred shares. This scheme can reduce dilution for common shareholders but carries fixed obligations in the form of an annual yield of 11.5 percent.