Strategy (MSTR) refrained from adding to its Bitcoin (BTC) holdings last week, as broader market volatility and weakening crypto prices appear to have put the brakes on its recent capital deployment activity.

In a regulatory filing Monday morning, the company said it expects to report a net loss for Q1, driven largely by an estimated $5.91 billion unrealized loss on its Bitcoin position. The loss stems from new accounting standards requiring companies to mark digital assets to market value each quarter. A $1.69 billion deferred tax benefit is expected to partially offset the downside.

Strategy raised a total of $7.69 billion in the first quarter—$4.4 billion from common stock issuance and the remainder through preferred shares. Most of those funds were used to acquire Bitcoin, much of it at prices above the current spot level of around $77,000.

The firm’s total holdings now stand at 528,185 BTC, with an average acquisition price nearing $67,500. That leaves the company modestly in profit—about 14%—despite recent headwinds in the market.

MSTR shares slid 9% in early trading Monday, bringing the stock’s 2025 year-to-date performance to -10%. However, on a 12-month basis, shares remain up 77%, underscoring investor optimism around Bitcoin’s longer-term trajectory.