Stocks

Chinese investors are channeling excess liquidity into metals futures, driving sharp gains in copper, gold, and silver despite weak factory demand. As China's M2 money supply rose 8.5% year-on-year in December while quarterly GDP grew 3.9% in late 2025, speculative trading has surged across metals like silver, aluminum, nickel, tin, and steel wire rod. Copper recently climbed above $14,500 per ton before sliding to $12,750 on the London Metal Exchange, with analysts warning that prices remain largely driven by speculation rather than real consumption.

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.

In its Q4 2025 results, Bitcoin‑focused treasury firm Strategy Inc reported a net loss of about 12.4–12.6 billion USD as BTC fell over 20% from its October high to below 88,500 USD by year‑end, dragging its 713,502 BTC stash roughly 17.4 billion USD into unrealized loss territory. The company's shares dropped 17% in after‑hours trading and are down more than 30% from late‑2025 peaks, while a 2.25 billion USD cash reserve is intended to cover around 2.5 years of dividends and interest without liquidating Bitcoin.

At the Asia market open, Bitcoin fell more than 10% toward $64,000, marking its weakest level since late 2024 as selling swept through risk assets. Asia equities declined alongside crypto, and exchange-traded funds saw significant outflows in recent months. Broader volatility picked up across tech and precious metals amid risk-off sentiment.

Bitcoin dropped to a low near $60,000 on Coinbase, with its price down 38% from the 2026 peak of $97,000 and roughly 50% below the all-time high of $126,000. The Crypto Fear & Greed Index fell to 9 out of 100 on Friday, its weakest reading since June 2022, while more than 588,000 traders saw $2.7 billion in positions liquidated in 24 hours, mostly leveraged Bitcoin longs.

On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) set a $10 billion daily trading record as Bitcoin fell 12% in the past 24 hours. The ETF dropped 13%, its second-worst day since launch, and saw $373.4 million in net outflows on Wednesday. Bitcoin traded near $64,000 after an intraday low of $60,300.

On 6 February 2026, Strategy reported a Q4 2025 net loss of $12.4 billion, largely tied to a $17.4 billion unrealized fair-value charge on bitcoin. The firm held 713,502 BTC at a $54.26 billion cost basis, around $76,052 per BTC, and said shares fell about 17% as bitcoin traded in the $62,000–$65,000 range.

On Feb. 5, 2026, Bitcoin-buying firm Strategy reported a net loss of $12.4 billion for the fourth quarter of 2025 after Bitcoin fell 22% over the period to below $88,500. The company's revenue for the quarter rose 1.9% year-on-year to $123 million, but its share price dropped 17% to $107 as Bitcoin extended its decline and pushed Strategy's 713,502 BTC holdings 17.5% underwater. Executives Phong Le and Andrew Kang said Strategy still has a strong balance sheet, supported by $2.25 billion in cash and no major debt maturities until 2027.

On February 5, 2026, Strategy Inc. reported a $12.4 billion net loss for Q4 2025 under fair value accounting, largely from unrealized bitcoin losses. The firm held 713,502 BTC at a $54.26 billion cost and added 41,002 BTC in January 2026, while MSTR closed down 17.12% at $106.99 and slipped to $103.14 after-hours.

Strategy reported a $12.4 billion net loss for the fourth quarter of 2025, largely due to unrealized losses on its sizable bitcoin holdings under fair value accounting, while the stock dropped 18% in a single session. The company also booked a $17.4 billion operating loss tied to digital asset markdowns, expanded its bitcoin position to 713,502 BTC, and raised $25.3 billion in 2025 to bolster a USD reserve for dividend coverage. Core software revenue inched higher, but product support declined and margins narrowed.