Saylor’s Crypto Project Pounded After $12.4 Billion Loss (2)

Bitcoin’s plunge below $65,000 is intensifying the crisis rocking the digital-asset complex — and few companies are more exposed than Michael Saylor’s Strategy Inc.

In an earnings announcement Thursday, the Bitcoin-hoarding company confirmed a net loss of $12.4 billion for the fourth quarter, driven by the mark-to-market decline in its vast holdings. That pain deepened this week, as fresh market turmoil pushed the firm’s Bitcoin stash below its cumulative cost basis for the first time since 2023 — and erased the token’s post-election gains.

The upshot: Saylor’s financial experiment is coming undone.

The former enterprise software firm had long ...