When it comes to companies that prioritize Bitcoin holdings as their core strategy, MicroStrategy's recent financial report truly makes people anxious. As soon as the Q4 2025 data was released, it was a shock—unrealized losses reached as high as $17.44 billion. What's the reason? Simply put, it’s the pressure on the coin price. Bitcoin has fallen from its peak of $126,000 in October to around $88,000 by the end of the year. Even though the company recently made a profit of $3.9 billion, this decline nearly wiped out all the profits and even shook the very foundation of its enterprise value.

But the most surreal part of the story is this—despite such losses, the company still remains "faithful." Recently, it bought another 1,287 BTC at lower prices, bringing its total holdings to over 670,000 BTC, accounting for 3.2% of the total Bitcoin supply. While the financial report shows shocking numbers, CEO Michael Saylor still insists that "volatility is a feature, not a flaw."

You see, this exposes a fundamental problem. When traditional accounting standards (ASU 2023-08) require companies to reflect the sharp fluctuations of crypto assets in real-time, the gap between "faith" and "reality" becomes increasingly evident. A company's market value swings wildly with coin price fluctuations, and market sentiment is driven by quarterly financial reports—what does this tell us? It indicates that the traditional financial system and emerging crypto assets still lack a truly trustworthy, robust, and manipulation-resistant valuation system and data infrastructure. That’s the core issue.