WSJ Tech News Briefing: TNB Tech Minute

Episode: Bitcoin Firm Strategy Records a $17.44 Billion Unrealized Loss
Date: January 5, 2026
Host: Julie Chang

Episode Overview

This Tech News Briefing episode delivers a rapid-fire update on key events shaping the tech and business landscape. The main focus is the significant unrealized loss recorded by the Bitcoin holding company Strategy in Q4 2025. Also covered are the latest developments in China’s electric vehicle market and AT&T’s plans to relocate its headquarters. The episode closes with a brief forward look at sustainability efforts in data centers.

Key Discussion Points & Insights

1. Massive Unrealized Loss for Bitcoin Firm Strategy

• Strategy, a major Bitcoin accumulation company, suffered a $17.44 billion unrealized loss in Q4 2025 due to a steep drop in Bitcoin's value.

• Stock Reaction: Shares of Strategy plummeted by 48% in 2025, closely matching the weak performance of Bitcoin itself.

• Bitcoin Performance:

  • Fell over 6% in 2025—its worst year since 2022.
  • Both Bitcoin and Strategy are seeing signs of recovery in January 2026, with Bitcoin rallying to nearly $94,000 and Strategy shares rising about 4%.

• Recent Moves:

  • Strategy added another $116 million worth of Bitcoin to its holdings.

  Julie Chang [00:18]: "Strategy recorded a nearly $17.5 billion unrealized loss in the fourth quarter after a sharp decline in the value of its bitcoin stash. Shares of strategy plunged 48% last year, mirroring a gloomy year for bitcoin."

2. China’s Electric Vehicle Market Faces Policy Headwinds

• Nomura analysts predict that demand for EVs in China will continue to cool in 2026.

• Policy Changes:

  • China's updated auto subsidy policy (released end of 2025) implies further tightening.

• Market Impact:

  • Local demand is expected to weaken, particularly in the mass-market segment.
  • Chinese EV makers are being advised to focus on product upgrades rather than heavy price cuts.

  Julie Chang [00:42]: "The analysts say they believe signals further policy tightening... the new policy will hurt local demand in the near term, especially for mass market models, and that Chinese EV makers will need to shift their focus toward product upgrades instead of price cuts."

3. AT&T Headquarters Relocation

• AT&T plans to move its global headquarters from downtown Dallas to a nearby suburb by the second half of 2028.

• Context:

  • Continues the trend of major employers leaving U.S. urban centers.
  • Dallas now has the second-highest office vacancy rate among U.S. cities (source: CoStar).
  • AT&T, Dallas’s 6th largest employer, is consolidating office space nationally.

  Julie Chang [01:06]: "AT&T is planning to relocate its global headquarters from downtown Dallas to a nearby suburb by the second half of 2028... Dallas downtown has the second highest office vacancy rate in the nation."

Notable Quotes & Memorable Moments

• Julie Chang, on Strategy’s Bitcoin move:

  "[Strategy] recently snapped up about 116 million DOL worth of Bitcoin." [00:36]

• Nomura’s analysis of China’s EV market:

  "Chinese EV makers will need to shift their focus toward product upgrades instead of price cuts." [00:51]

• On AT&T’s move reflecting a broader trend:

  "Its departure from downtown would continue a years long trend of companies decamping from the urban core." [01:13]

Timestamps for Important Segments

• Bitcoin & Strategy’s Q4 Losses: 00:18 – 00:36
• China EV Market & Policy Update: 00:39 – 00:55
• AT&T Dallas Headquarters Relocation: 01:04 – 01:20

Tone & Style

The briefing features a fast-paced, concise delivery in the no-nonsense, informative tone characteristic of The Wall Street Journal.

Additional Content

A brief teaser at the end highlights ongoing work in data center sustainability featuring Christophe Beck, CEO of Ecolab, but this is branded content and not part of the day’s core tech news.

For deeper coverage on these stories and more insight into tech sustainability, listeners are encouraged to check out future Tech News Briefing episodes.