Strategy Survives Another Bitcoin Crash with More Alchemy (1)

Michael Saylor’s Bitcoin accumulation firm Strategy Inc. has survived yet another crypto market meltdown with some fresh financial engineering.

The outlook could hardly have looked more dire. Back on Feb. 5, the cryptocurrency had lost half its value and Strategy’s common shares used to fund most of its token purchases had tumbled by an even greater amount. That was all before the firm disclosed a $12.4 billion loss later that afternoon.

Exactly three months later, Strategy reported a $12.5 billion loss for the first quarter to write down the value of its roughly $67 billion horde. But few investors ...