On March 20, 2000, Technique (previously MicroStrategy) co-founder and then-CEO Michael Saylor misplaced $6 billion in at some point — more cash than any public firm govt had ever beforehand misplaced in a single day.
He — and Technique shareholders — misplaced much more yesterday.
Technique opened for buying and selling yesterday at a 52-week low after lacking out on a $33 billion revenue. Someway, issues acquired even worse by dinnertime.
By 5pm, Saylor’s firm admitted to dropping $42.93 per share of MSTR in diluted earnings inside the remaining three months of 2025. The inventory additionally declined one other 20% to under $102 — incinerating one other $7 billion in market capitalization inside 24 hours.
Technique inventory chart from Thursday, February 5, 2025. Supply: TradingView
With a share worth of simply $102, the corporate posted a $15.23 per share loss for the 2025 calendar 12 months.
$6 billion in additional missed revenue
Technique’s ex-general counsel Shao Wei-Ming offered one other 3,000 shares of MSTR. The corporate posted an working lack of $17.4 billion for This autumn 2025 — 16.4x increased than This autumn of the prior 12 months.
Its internet loss per widespread share on a diluted foundation was $42.93, as talked about above, which calculates to a year-over-year enhance of 1,316% within the mistaken path.
Dilution of MSTR continues
Its capital-raising talents confirmed continued reliance on widespread inventory dilution — regardless of months of makes an attempt by administration to modify the combo towards most popular shares.
From October 1, 2025 via February 1, 2026, the corporate’s at-the-market share gross sales relied on MSTR dilution for 79%: $7.8 billion in comparison with simply $1.6 billion from preferreds.
Worse, revenues from product licenses from the corporate’s precise working enterprise, enterprise software program gross sales, plummeted 48% from $15.2 million in This autumn 2024 to lower than $7.8 million in This autumn 2025.
Income traces labeled Product Help and Different Companies additionally declined, with solely Subscription Companies posting a year-over-year enhance. Normal and Administrative prices additionally ticked increased.
Dividend funds to most popular shareholders — which didn’t exist in 2024 — dragged one other $381.3 million out of the corporate in 2025.
The corporate’s flagship sequence of most popular, Stretch, which is the highest focus of the corporate’s “laser-eyed” devotion, closed buying and selling yesterday 6.3% under its supposed $100 worth, regardless of paying an 11.25% dividend and working X adverts to inspire demand.
The corporate’s bitcoin (BTC) yield, a measure of administration’s capability to accrete BTC per share by working enterprise and avoiding MSTR dilution, has slowed to a crawl in 2026.
As of February 1, BTC yield for widespread shareholders is simply 0.3% year-to-date, which compares with previously spectacular figures of seven.3% in 2022, 74.3% in 2023, and 22.8% in 2024.
