On February 5, 2026, Strategy reported a $12.4 billion net loss for Q4 2025, driven by mark-to-market declines on its Bitcoin holdings. Bitcoin briefly fell below $60,000, pushing the position under its cumulative cost basis for the first time since 2023, while the firm announced no new equity or debt alongside earnings.

On Thursday, shares of Bitcoin mining firms IREN and CleanSpark declined sharply after both companies reported quarterly earnings that fell short of analyst expectations. CleanSpark closed down 19.13% and IREN fell 11.46% during the session, while broader crypto markets weakened with Bitcoin dropping 12% in 24 hours and total market capitalization sliding nearly 9%.

On February 6, 2026, reports detailed how Elon Musk used a triangular merger to place xAI under SpaceX while keeping xAI as a separate subsidiary. The all‑stock deal valued xAI at $250 billion and SpaceX at $1 trillion, allowed xAI shareholders to defer taxes on new SpaceX shares, and avoided triggering repayment on more than $17 billion of xAI debt. SpaceX’s pre‑IPO valuation has been marked at $1.25 trillion, while investors and analysts continue to assess how the expanded mix of space, AI, and social media activities affects the planned IPO.

In a recent research note, JPMorgan said gold’s more than 60% surge through 2025 contrasted with Bitcoin’s weakness heading into 2026, reducing the crypto’s near-term hedge appeal. The bank’s volatility framework indicates Bitcoin would trade at roughly $266,000 if it matched gold’s risk profile, though it called that level unrealistic this year amid ETF outflows and shrinking stablecoin supply.

On Friday morning in Asia, Bitcoin briefly touched $60,000 before stabilizing near $64,000, a roughly 10% daily decline after a near $10,000 move and $1.39 billion in leveraged liquidations. CoinMarketCap's sentiment index fell to a record 5, while Strategy posted a $12.4 billion fourth-quarter net loss as its 713,000-plus BTC holdings traded below a $76,052 cost basis.

Strategy recorded a $12.4 billion net loss in the fourth quarter of 2025 after Bitcoin fell from about $120,000 in early October to roughly $89,000 by year-end, pushing its holdings below their average purchase price. The company now owns 713,502 BTC at an average cost of $76,052 per coin and ended the year with $2.25 billion in cash, while investors await guidance on how management will respond to the ongoing market downturn.

Tether said Thursday it committed $150 million for a 12% stake in Gold.com, with plans to integrate its gold-backed XAUT token into the platform. The companies will also explore enabling physical bullion purchases using USDT and the newly launched USAT, alongside Tether’s separate $100 million investment in Anchorage Digital announced on February 5, 2026.

On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) registered about $10 billion in trading volume while its share price dropped 13% amid a sharp Bitcoin selloff. The ETF has faced mounting outflows, with $373.4 million redeemed on Wednesday and only ten net inflow days in 2026, as Bitcoin has fallen roughly 50% from its early October all-time high near $126,000 to around $64,000. Analysts warn that macroeconomic pressure, derivatives liquidations and possible large-scale "campaign selling" are weighing on sentiment, leaving many IBIT investors now under water.