According to The Wall Street Journal, Strategy recorded an unrealized loss of approximately $14.5 billion in the first quarter of this year, mainly due to a significant devaluation of its Bitcoin holdings during the quarter. Data shows that Bitcoin declined a total of 23% in the first quarter of this year, marking the worst start to the year since 2018. The report pointed out that since last year, Strategy has adopted the fair value accounting standard for digital assets, requiring it to measure its Bitcoin holdings at market value at the end of each quarter, which significantly amplifies performance volatility; during the same period, the company also recorded approximately $2.4 billion in deferred tax benefits.