On February 5th, Bitcoin fell below the $65,000 mark, exacerbating the crisis sweeping across the entire digital asset sector—among all companies, Michael Saylor's Strategy Inc. (formerly MicroStrategy) faces the greatest risk. The latest earnings report shows that this company, which has been aggressively accumulating Bitcoin, confirmed a net loss of $12.4 billion in the fourth quarter driven by the shrinking market value of its massive holdings. This pain intensified further this week as a new wave of market turmoil pushed the company's Bitcoin reserves below the cumulative cost basis for the first time since 2023, erasing all gains of the token following the presidential election