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Michael Saylor’s Strategy sheds $6 billion in a day — again

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Michael Saylor's Strategy sheds $6 billion in a day -- again

On March 20, 2000, Strategy (formerly MicroStrategy) co-founder and then-CEO Michael Saylor lost $6 billion in one day — ​​more money than any public company executive had ever previously lost in a single day.

He — and Strategy shareholders — lost even more yesterday.

Strategy opened for trading yesterday at a 52-week low after missing out on a $33 billion profit. Somehow, things got even worse by dinnertime.

By 5pm, Saylor’s company admitted to losing $42.93 per share of MSTR in diluted earnings within the final three months of 2025. The stock also declined another 20% to below $102 — incinerating another $7 billion in market capitalization within 24 hours.

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Strategy stock chart from Thursday, February 5, 2025. Source: TradingView

With a share price of just $102, the company posted a $15.23 per share loss for the 2025 calendar year. 

$6 billion in more missed profit

The bad news continued. The foregone $33 billion profit that it had missed out on by Wednesday night had turned into a $39 billion missed profit just 24 hours later.

Strategy’s ex-general counsel Shao Wei-Ming sold another 3,000 shares of MSTR. The company posted an operating loss of $17.4 billion for Q4 2025 — 16.4x higher than Q4 of the prior year. 

Its net loss per common share on a diluted basis was $42.93, as mentioned above, which calculates to a year-over-year increase of 1,316% in the wrong direction.

Dilution of MSTR continues

Its capital-raising abilities showed continued reliance on common stock dilution — despite months of attempts by management to switch the mix toward preferred shares.

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From October 1, 2025 through February 1, 2026, the company’s at-the-market share sales relied on MSTR dilution for 79%: $7.8 billion compared to just $1.6 billion from preferreds.

Worse, revenues from product licenses from the company’s actual operating business, enterprise software sales, plummeted 48% from $15.2 million in Q4 2024 to less than $7.8 million in Q4 2025.

Revenue lines labeled Product Support and Other Services also declined, with only Subscription Services posting a year-over-year increase. General and Administrative costs also ticked higher.

Read more: Michael Saylor doesn’t believe BTC is digital money

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Dividend payments to preferred shareholders — which did not exist in 2024 — dragged another $381.3 million out of the company in 2025.

The company’s flagship series of preferred, Stretch, which is the top focus of the company’s “laser-eyed” devotion, closed trading yesterday 6.3% below its intended $100 price, despite paying an 11.25% dividend and running X ads to motivate demand.

The company’s bitcoin (BTC) yield, a measure of management’s ability to accrete BTC per share by operating a good business and avoiding MSTR dilution, has slowed to a crawl in 2026.

As of February 1, BTC yield for common shareholders is just 0.3% year-to-date, which compares with formerly impressive figures of 7.3% in 2022, 74.3% in 2023, and 22.8% in 2024.

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Crypto World

Coinbase Launches Perpetual Futures Contracts in Europe

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Coinbase Launches Perpetual Futures Contracts in Europe

Cryptocurrency exchange Coinbase has launched new futures offerings in Europe, expanding its push to give users access to both crypto and traditional market exposure through regulated products.

Coinbase said Monday the contracts are being rolled out to Coinbase Advanced users in 26 European countries, including Germany, France and the Netherlands, through its Markets in Financial Instruments Directive, or MiFID, entity.

The new lineup includes crypto futures tied to assets such as Bitcoin (BTC) and Solana (SOL), along with an equity-index product called the Mag7 + Crypto Equity Index Futures. Coinbase said that contract combines exposure to the so-called Magnificent Seven stocks of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, with crypto-linked equities and BlackRock iShares exchange-traded funds tied to BTC and Ether (ETH).

Coinbase Mag7 + Crypto Equity Index composition. Source: Coinbase

The exchange said it has launched two types of cash-settled futures contracts, including perpetual-style futures with five-year expiries and dated contracts with specific monthly or quarterly expiries. Traders can access up to 10x leverage on select crypto-denominated contracts and equity indices and up to 5x leverage on other products, with fees as low as 0.02% per contract.

ESMA warns crypto perpetual derivatives may fall under CFD rules

The launch comes about two weeks after the European Securities and Markets Authority warned firms that many derivatives marketed as perpetual futures or perpetual contracts are likely to fall under existing national product intervention measures for contracts for difference (CFDs).

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In a Feb. 24 statement, ESMA said products that meet the CFD definition are subject to leverage limits, mandatory risk warnings, margin close-out rules, negative balance protection and a ban on monetary and nonmonetary benefits. The regulator also told firms to identify, prevent or manage conflicts of interest tied to those offerings.

Coinbase also announced expanded access to its decentralized exchange (DEX) trading platform to 84 countries on Friday.

Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

Coinbase doubles down on “everything exchange” ambitions

Coinbase called the derivatives rollout a “major step” in its ambition to build an “exchange for everything,” where users can trade all major global assets under a single platform.

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“As regulatory clarity continues to mature across Europe and globally, we are looking forward to continuing to introduce new and expanded services,” Coinbase said in the announcement.

Other cryptocurrency exchanges that launched regulated perpetual contracts in Europe include One Trading, Kraken, Backpack and Gemini.

Cointelegraph reached out to Coinbase for comment, but had not received a response by publication.

Related: Binance completes $1B Bitcoin conversion for SAFU emergency fund

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