Bitcoin Plummets to IDR1.2 Billion, Strategy at Risk of Losing Millions of Dollars?
Jakarta, Pintu News – Strategy (formerly MicroStrategy) will announce its fourth-quarter 2025 financial results after market close on February 5, with Bitcoin price movements at the forefront of the results narrative and investor sentiment due to its direct link to the company’s crypto treasury model.
The price of Bitcoin failing to break through the US$76,000 level (approximately Rp1,280,088,000) is not just a technical phenomenon, but has an impact on Strategy’s balance sheet ahead of earnings calls.
Bitcoin at the Turning Point of Balance Sheet Strategy
In early February, the price of Bitcoin had dropped to close to US$72,945 (around Rp1,227,048,000) before rising again to around US$76,645 (around Rp1,289,450,000).
This move brings the largest crypto very close to Strategy’s average acquisition cost of around US$76,052 (approximately Rp1,279,901,000) for a total of 713,502 BTC held. This level is no longer just technical support, but an inflection point for the company’s balance sheet as below it the BTC position held would have an unrealized loss.
That breakeven level has become even more important following a change in accounting rules taking effect from 2025, where unrealized gains or losses from Bitcoin holdings must be recorded in the income statement. As a result, although Q4 results still reflect higher BTC prices at the end of December, crypto price weakness ahead of the report could dominate investor and analyst focus when discussing Strategy’s earnings figures.
BTC Acquisition Strategy and Criticism
The current price movement was exacerbated by Strategy’s Bitcoin buying behavior in late January and early February above the current market price. The company disclosed additional purchases of 855 BTC at an average cost of approximately US$87,974 (approximately Rp1,481,839,000) in the latter period, as well as previous purchases averaging above US$90,000-US$95,000 (approximately Rp1,515,420,000-Rp1,601,610,000). This repetition of buying at the peak of the rally sparked criticism that the Strategy was consistently “buying at the peak” before a major correction occurred.
The buyout financing model still relies on issuing shares and zero-coupon convertible debt, which while proving profitable in the long run, repeatedly exposes companies to sharp drawdowns in the short term. Criticism of this model has intensified as the high volatility of the cryptocurrency market has a direct impact on the value of corporate treasuries.
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Market Sentiment and External Pressures
Pressure on the Strategy also came from public comments by market figures. Some analysts felt that Bitcoin’s position as a “safe haven” failed to prove itself when the price fell significantly, and there were concerns that a sustained decline could negatively impact companies with large BTC positions. In addition, a number of voices in the market highlighted that Strategy’s approach to Bitcoin accumulation is vulnerable to liquidity and dilution risks if weakness persists.
Other critics have called on Strategy’s management to consider issuing additional debt or shares to halt Bitcoin’s price decline, suggesting that Q4 results reflect not only historical performance but also market expectations of the company’s financial strategy and asset allocation.
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Reference:
- BeInCrypto. Why Bitcoin’s Defense of $76,000 Matters for MicroStrategy’s Q4 Earnings Narrative. Accessed February 5, 2026
- Featured Image: Generated by AI
