1156 ET - Strategy's 4Q results, which included a net loss of $12.6 billion, "landed on a day when markets were in no mood to entertain nuance: bitcoin was sliding hard, risk assets were buckling, and the company's share price fell 17%," Benchmark analyst Mark Palmer writes in a note. But the company had disclosed the loss in a regulatory filing a month ago, and management emphasized on the earnings call that the company's capital structure was designed to survive a drop in bitcoin prices without being forced to sell assets. "What has changed for Strategy, and what the market has seemed to overlook during the selloff, is the degree to which the company has fortified its capital structure with tail risks in mind," Palmer writes. Shares are up 21% after the Thursday sell-off. (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 11:56 ET (16:56 GMT)

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