MSTR posted a $14.5 billion unrealized loss for Q1 because of the recent drop in bitcoin. BTC is down about 20% this year, bringing the value of MSTR's holdings below their average cost of $75k. Despite the loss, the stock went up 6% today alongside a 4% bounce in bitcoin. They are still adding to their position. The company just disclosed they bought another $330 million worth of bitcoin in early April. They funded this by selling common and preferred shares, which dilutes current investors. Earnings come out on April 30. Management is basically telling investors to hold through the downturn and wait for better crypto regulations from Congress.