Strategy Inc Swings to $8.22B Q2 Loss as Bitcoin Slide Hits, Yet Holdings Climb to 843,775 BTC

summarizeSummary

Strategy Inc posted an $8.22B Q2 net loss from an $8.32B unrealized bitcoin loss, yet grew its bitcoin holdings to 843,775 BTC and raised $17.06B YTD through ATM sales. The company is defending its balance sheet with a $3.75B reserve, debt buybacks, and a new MSTR repurchase program.

check_boxKey Events · Earnings and Guidance · MSTR

• Q2 Net Loss of $8.22 Billion

  Strategy Inc reported a net loss of $8.22 billion for Q2 2026, or $24.45 per diluted share, compared to net income of $10.02 billion a year earlier. The loss was driven by an $8.32 billion unrealized loss on digital assets as bitcoin prices fell.

• Bitcoin Holdings Reach 843,775 BTC

  As of July 26, 2026, the company held 843,775 bitcoins with an original cost basis of $63.69 billion and a market value of $54.77 billion, reflecting an average cost of ~$75,476 per bitcoin. Holdings grew 25% year-to-date.

• $17.06 Billion Raised via ATM Programs YTD

  The company raised $17.06 billion year-to-date through at-the-market offerings of MSTR common stock and various preferred stock series, including $8.41 billion in Q2 alone. Proceeds were used primarily to purchase bitcoin.

• Balance Sheet Defense: $3.75B Reserve, Debt Buybacks

  Strategy built a $3.75 billion USD reserve to cover over 2.1 years of preferred dividends and interest. It repurchased $1.5 billion of convertible notes at an 8% discount, reducing outstanding convertible debt to $6.71 billion, and initiated a $1 billion MSTR share repurchase program.

auto_awesomeAnalysis · MSTR · Crypto Assets

A sharp decline in bitcoin prices drove Strategy Inc to an $8.22 billion net loss for Q2 2026, fueled by an $8.32 billion unrealized loss on its digital asset portfolio. Even so, the company pressed ahead with accumulation, expanding its bitcoin treasury to 843,775 BTC—a 25% year-to-date increase—and cementing its position as the world's largest institutional holder. To fund the buying spree, it raised $17.06 billion through aggressive at-the-market equity and preferred stock sales. Management is now pivoting toward balance-sheet defense: it built a $3.75 billion USD reserve covering more than two years of preferred dividends and interest, repurchased $1.5 billion of convertible notes at an 8% discount, and authorized a $1 billion MSTR share buyback program. The STRC preferred dividend was hiked to 12% to support the stock near its $100 par value, and the company began buying back STRC at a discount. These moves signal a strategic shift toward credit-market credibility and capital preservation amid a deep bitcoin drawdown, even as the bitcoin accumulation continues. The sheer scale of the loss and the capital-raising activity make this a critical update for investors.