Strategy , the biggest corporate holder of bitcoin, reported a fifth consecutive quarterly loss on Thursday due to an unrealized loss on its cryptocurrency holdings.

In Q1, Strategy executed a monumental $21 billion stock offering which enabled it to add over 301,000 BTC to its balance sheet. Although Bitcoin fell to around $82,445 at quarter end (creating a temporary paper loss),

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.