Michael Saylor's Strategy, formerly MicroStrategy, reported a quarterly loss of $5.91 billion from its digital assets due to a quarter-end bitcoin price of $82,445. Strategy moved to a new accounting rule in the first quarter, which allows the company to fairly value its unrealized gains or losses on its crypto holdings.

Michael Saylor’s Strategy registered a record $4.2 billion first-quarter loss after adopting an accounting change that requires valuing the firm’s massive Bitcoin holdings at market prices.