MicroStrategy reported a record $12.54 billion net loss for the first quarter of 2026. A non-cash impairment charge on digital assets drove the result following a decline in Bitcoin prices. Software revenue grew to $124.3 million during the quarter. The company expanded its total holdings to 818,334 BTC.
Executives signaled a strategic shift by suggesting the company may sell Bitcoin to fund dividends or other transactions. This marks a reversal of the firm's established policy to never sell its cryptocurrency holdings.
MicroStrategy shares dropped over 4% in after-hours trading following the announcement.