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Bitcoin Hoarder Strategy Reports $17.44 Billion Unrealized Loss in Fourth Quarter

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Strategy, the company led by Michael Saylor, disclosed a $17.44 billion unrealized loss on its digital asset holdings in the fourth quarter, reflecting a sharp decline in the value of its large bitcoin stockpile.

The loss underscores the volatility facing companies that hold cryptocurrencies on their balance sheets. Strategy’s shares fell about 47.5% in 2025, as fluctuations in crypto markets weighed heavily on the company’s balance sheet and reported earnings.

For the full year ended December 31, 2025, Strategy reported an unrealized loss of $5.40 billion on digital assets. In December, the company also cut its earnings forecast for 2025, citing sustained weakness in Bitcoin prices.

Companies with significant exposure to bitcoin and other digital tokens have come under renewed pressure in recent weeks amid heightened market volatility. Strategy, the world’s largest corporate holder of bitcoin, has been particularly sensitive to these swings due to the scale of its holdings.

The company said that as of January 4, 2026, it held $2.25 billion in U.S. dollar reserves. Strategy maintains this cash reserve to support dividend payments on its preferred stock and to cover interest obligations on its outstanding debt.

Despite the recent losses, Strategy has continued to position bitcoin as a core long-term asset on its balance sheet, even as investors remain cautious about the impact of crypto price movements on the company’s financial performance.

SoftBank to Acquire DigitalBridge in $4 Billion Deal to Strengthen AI Infrastructure Strategy

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SoftBank Group has agreed to acquire digital infrastructure investor DigitalBridge Group in a deal valued at $4 billion, the companies announced on Monday. The acquisition marks another step in SoftBank’s effort to reshape its portfolio around artificial intelligence and the computing infrastructure that supports it.

Under the terms of the agreement, SoftBank will pay $16 per share for DigitalBridge, representing a 15% premium over the company’s closing price on Friday. The offer values DigitalBridge at approximately $2.92 billion, with the transaction expected to close in the second half of next year. Following the announcement, DigitalBridge shares rose about 9.7% to $15.27, extending gains after a 45% rally earlier this month when takeover talks were first reported.

The deal significantly expands SoftBank’s exposure to digital infrastructure assets, including data centers, cell towers, fiber networks, small-cell systems and edge infrastructure. DigitalBridge’s portfolio includes major assets such as Vantage Data Centers, Zayo, Switch and AtlasEdge, positioning the firm as a key player in the backbone of global data and connectivity.

SoftBank founder Masayoshi Son has repeatedly emphasized the importance of computing power in enabling next-generation AI applications. The acquisition aligns with his broader vision to capitalize on surging demand for data processing capacity driven by artificial intelligence workloads.

Industry reaction was cautiously optimistic. Jacob Yahiayan, CEO of Urban Logistic Advisory Services, an investor in DigitalBridge, described the acquisition as “a milestone in solving critical infrastructure issues,” while noting that SoftBank remains far from controlling a significant share of the global hardware- and software-as-a-service market.

Founded in 1991 as Colony Capital, DigitalBridge shifted its strategy under CEO Marc Ganzi, pivoting away from traditional real estate toward digital infrastructure and rebranding in 2021. Ganzi will continue to lead DigitalBridge as a separately managed platform following the acquisition.

As of September 30, DigitalBridge managed approximately $108 billion in assets, making it one of the largest dedicated investors in the digital infrastructure ecosystem. The company is also involved in the Stargate project, alongside OpenAI, Oracle and Abu Dhabi-based investor MGX, a large-scale computing initiative aimed at supporting advanced AI development.

T. Rowe Price Enters Crypto Market with First Multi-Coin ETF Filing

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T. Rowe Price has filed with the U.S. Securities and Exchange Commission (SEC) to launch its first cryptocurrency exchange-traded fund (ETF), marking the $1.77 trillion asset manager’s long-awaited entry into digital assets.

The actively managed ETF would offer exposure to five to fifteen cryptocurrencies, including bitcoin, ether, solana, dogecoin, and Shiba Inu, according to the filing. Portfolio managers would aim to outperform the FTSE Crypto US Listed Index, using a mix of fundamental, valuation, and momentum-based analysis to decide which assets to hold and how to weight them.

“This is a surprise move for such a late entrant,” said Bryan Armour, ETF analyst at Morningstar. “But T. Rowe Price appears to be targeting something differentiated to stand out in a crowded space.”

While dozens of asset managers have raced to launch single-coin ETFs, multi-asset crypto funds remain rare due to regulatory complexity and the volatility of altcoins. If approved, the T. Rowe Price fund would be among the first diversified crypto ETFs in the U.S.

The filing underscores T. Rowe’s efforts to diversify beyond traditional mutual funds, which have suffered persistent outflows. The firm has introduced 24 ETFs in recent years and recently partnered with Goldman Sachs to develop new private market products for retail investors. As part of the deal, Goldman plans to buy up to 3.5% of T. Rowe’s shares, an investment that could exceed $1 billion.

T. Rowe has been quietly building its digital asset expertise, hiring Blue Macellari, a former crypto hedge fund executive, as head of digital assets strategy in 2022.

ETF industry experts said the launch reflects a broader institutional shift. “It’s exciting to see T. Rowe expand beyond equities and bonds,” said Todd Rosenbluth of VettaFi.

However, the timing remains uncertain. The SEC faces a government shutdown that has slowed approvals, despite new listing standards paving the way for multi-coin ETFs.

If approved, the T. Rowe Price crypto ETF could signal a new era of mainstream digital asset investing from one of America’s most established financial firms.