Bitcoin (BTC) bull Michael Saylor’s big bet may be about to backfire for his company MicroStrategy, after the firm on Thursday reported a massive loss for the fourth quarter of last year.

The net loss for MicroStrategy for the fourth quarter ended up at $249.7m, with the number dragged down significantly by a $197.6m loss from the firm’s bitcoin investment strategy, the report revealed.

As of the end of the fourth quarter, MicroStrategy held approximately 132,500 BTC, worth some $1.840bn. The company has recorded a cumulative impairment loss on its BTC holding of $2.153bn since acquisition.