Why Bitcoin’s Hold at $76,000 Shapes MicroStrategy’s Q4 Earnings

Strategy (formerly MicroStrategy) is set to report Q4 2025 earnings after market close on February 5, and Bitcoin’s ability to hold the $76,000 level has become a balance-sheet inflection point. The company’s average acquisition cost of about $76,052 across 713,502 BTC means fair-value accounting adopted in 2025 will pass unrealized gains and losses directly through quarterly earnings, so price action now directly shapes the earnings narrative.

As of February 4, Bitcoin traded near $76,645 after an intra-day low around $72,945, leaving Strategy’s position roughly flat at current levels but vulnerable to a sustained slide below $76,000. A recent dip near $74,500 translated into a paper hit approaching $1 billion, and late-January and early-February purchases—including 855 BTC at an average near $87,974 and earlier tranches near $90,000 and above $95,000—have revived criticism that the company often increases holdings at cycle highs.

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