Strategy, rebranded from Microstrategy Incorporated, reported a $5.91 billion non-cash loss tied to its bitcoin ( BTC) treasury in a Monday SEC filing. The loss reflects volatility in cryptocurrency markets and the adoption of Accounting Standards Update (ASU) 2023-08, which mandates quarterly fair-value adjustments for digital assets.

The company held 528,185 bitcoin as of March 31, acquired at an average price of $67,458 per coin and a total cost of $35.63 billion. Bitcoin’s price ranged from $76,600 to $109,358 during the quarter, closing at $82,444.71. Under prior accounting methods, Strategy recorded only downward value adjustments, but the new standard requires recognizing both gains and losses.

A $1.69 billion tax benefit partially offset the loss, stemming from deferred tax adjustments linked to the value decline. The firm emphasized that its bitcoin ( BTC) strategy remains intact, having purchased 80,715 additional coins in Q1 using proceeds from stock offerings and convertible debt sales.

Strategy’s filing noted its bitcoin holdings’ value could face further swings due to regulatory, technological, and market risks. The company holds 2.52% of bitcoin’s 21 million supply, making it the largest corporate holder.

Shares of Strategy (Nasdaq: MSTR) have fluctuated between $102 and $473 in the past year. The report reiterated that the independent auditor KPMG has not reviewed the disclosed financial data. Executives will host an earnings call later this month to address results.

The loss shows the high-stakes nature of Strategy’s bitcoin-centric treasury strategy, which CEO Michael Saylor has championed since 2020 as an inflation hedge. Competitors and investors continue debating the viability of corporate crypto reserves amid ongoing market turbulence.

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