Michael Saylor ’s Strategy doubled its capital raising plan to $84 billion after posting a record first-quarter loss that resulted from the adoption of an accounting change that requires valuing the firm’s massive Bitcoin holdings at market prices. Strategy registered to sell another $21 billion in common shares on Thursday, saying in a statement that it had exhausted a similar sized equity program that was authorized in October. It doubled the size of its planned debt purchase program, of which it has $14.6 billion remaining, to $42 billion.

Strategy and fellow corporate buyers of Bitcoin are recognizing the unrealized changes …