Bitcoin Pullback Pushes Strategy to $8.22B Q2 Loss

Strategy Inc. (NASDAQ: $MSTR) reported an $8.22 billion second-quarter net loss as Bitcoin's retreat pushed a large unrealized charge through earnings, even as the company expanded its treasury to 843,775 BTC.

The loss compared with net income of $10.02 billion a year earlier. Strategy recorded an $8.33 billion operating loss, including an $8.32 billion unrealized loss on digital assets, reversing the $14.05 billion unrealized gain booked in the second quarter of 2025.

Revenue from the company's software business rose 6.9% to $122.4 million. Gross profit reached $81.6 million, with gross margin narrowing to 66.6% from 68.8% a year earlier.

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Strategy held 843,775 Bitcoin as of July 26, up 25% since the start of 2026. The position had an original cost basis of $63.69 billion, or about $75,476 per Bitcoin, and a market value of $54.77 billion at a July 27 price of $64,915.

The company raised $17.06 billion through at-the-market programs during the year, including $8.41 billion in the second quarter. Its Bitcoin yield reached 4.5% year to date, while the company calculated a BTC gain of 29,997 and a BTC dollar gain of $1.95 billion under its treasury metrics.

Liquidity is becoming a larger part of the model. Strategy grew its U.S. dollar reserve to $3.75 billion, enough to cover more than 2.1 years of preferred dividends and interest, and disclosed $218.4 million of Bitcoin sales during 2026 to fund part of those payments.

Executive Chairman Michael Saylor said the company continues to "establish Digital Credit as a new asset class" while working to restore stable demand for its preferred securities.

Strategy also authorized a $1 billion MSTR repurchase program, though no common shares had been bought as of July 26.

Strategy Inc. (NASDAQ: MSTR) is currently trading at $97.57 U.S. per share, while Bitcoin (CRYPTO: $BTC) is currently trading at $64,728 U.S. per digital token.