INSTITUTIONAL | Leading BTC Treasury Firm Acquires 2x More Bitcoins Than Mined Supply in Q1 2026

Strategy Inc. said its Bitcoin investment strategy generated roughly $1.7 billion in gains in Q1 2026 even as its official filings show the company is deep in the red due to falling cryptocurrency prices.

The firm, led by executive chairman, Michael Saylor, reported a ‘BTC Gain’ of about 24,675 Bitcoin, equivalent to around $1.7 billion, based on internal metrics that track growth in Bitcoin holdings per share.

However, regulatory filings paint a sharply different picture.

Under fair-value accounting rules, Strategy recorded an unrealized loss of about $14.46 billion on its digital assets for the first quarter reflecting a drop in Bitcoin’s market price during the period.

The discrepancy stems from how the company measures performance. Its proprietary “BTC Yield” and “BTC Gain” metrics emphasize balance sheet expansion and accumulation efficiency, rather than market valuation.

Strategy has continued aggressively buying Bitcoin despite the downturn, acquiring more than 94,000 coins this year – over twice the amount of newly mined supply during the same period, according to the company.

The approach underscores the firm’s long-term conviction in Bitcoin even as volatility and accounting rules create large swings in reported earnings.

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