The corporate Bitcoin holder reports an unrealized loss despite increasing its holdings and expanding its dollar reserves.
Talivio News · Global2 min read
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Talivio News (AI illüstrasyon)
Strategy (MSTR), the world’s largest corporate bitcoin holder, reported a second-quarter net loss of $8.2 billion for 2026. The loss was primarily driven by an $8.32 billion unrealized markdown on its bitcoin holdings under fair-value accounting.
As of July 26, 2026, Strategy held 843,775 bitcoin. This represents an 11% increase in holdings during the second quarter of 2026 and a 25% increase from the start of the year.
The market value of these holdings was approximately $54.6 billion to $54.8 billion as of the report date, against an acquisition cost of $63.7 billion. Bitcoin was trading around $64,700 to $64,776 at the time of the earnings release, down about 14% during the quarter from roughly $68,000 to $58,600.
Liquidity and Capital Moves
Strategy expanded its U.S. dollar reserve to $3.75 billion. Chief Financial Officer Andrew Kang stated that this amount is sufficient to cover existing preferred dividend payments and interest obligations for more than 2.1 years.
The company raised $17.06 billion through at-the-market stock offerings in 2026. It also repurchased $1.5 billion of convertible notes at an 8% discount and established a $1 billion share repurchase program for its MSTR common stock, though no shares have been bought back under this specific program yet.
Under its BTC Monetization Program, Strategy sold approximately $218.4 million worth of bitcoin. Most of these sales, totaling $216 million, occurred in early July after the second quarter ended. The company also repurchased about $25 million of its STRC preferred shares at a discount and intends to continue buying them while they trade below par.
Market Context and Outlook
Executive Chairman Michael Saylor said the company is focused on expanding its 'Digital Credit' business. He noted that despite muted bitcoin sentiment and market skepticism, the firm continues to evolve its business model to establish Digital Credit as a new asset class.
According to one source, Bitcoin is down 26% year-to-date and was more than 40% lower at the end of Q2 2026 compared to Q2 2025. The cryptocurrency reached an all-time high of $126,080 in October 2025, but Strategy has paused its Bitcoin buys for the past five weeks as of the earnings report.
According to one source, MSTR stock is down over 80% from its 2024 peak of over $500 per share. Shares closed up 4.7% on the day of the earnings report before slipping in after-hours trading. This contrasts with the second quarter of 2025, when Strategy reported net income of $10.02 billion.
Updates
Strategy's Bitcoin sales under its BTC Monetization Program were executed to fund dividend obligations for its STRC preferred stock. The company also intends to continue purchasing these STRC preferred shares as long as they trade below $100. Meanwhile, Bitcoin's price has dropped nearly 50% from its October 2025 all-time high of $126,080.
Strategy sold bitcoin under its BTC Monetization Program to help fund its preferred stock dividend obligations, marking a departure from its long-standing accumulation-only strategy. Additionally, the company intends to continue buying its STRC preferred shares as long as they trade below $100. These shifts in financing and sales have faced growing investor scrutiny regarding the sustainability of its capital structure.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter, while its Bitcoin yield reached 4.5% year to date. Additionally, the company reported a BTC dollar gain of $1.95 billion and a BTC gain of 29,997 under its treasury metrics. The firm also utilized its BTC Monetization Program to fund dividend obligations for its STRC preferred shares.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter, while its Bitcoin yield reached 4.5% year to date. Under its treasury metrics, the company calculated a BTC gain of 29,997 and a BTC dollar gain of $1.95 billion. Additionally, Strategy's Bitcoin position had an original cost basis of $63.69 billion, or approximately $75,476 per bitcoin.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter and reported a year-to-date Bitcoin yield of 4.5%. Additionally, the company's treasury metrics calculated a BTC gain of 29,997 tokens, representing a dollar gain of $1.95 billion. To fund preferred stock dividend obligations, the firm utilized its BTC Monetization Program to sell bitcoin, a move that deviates from its previous accumulation-only strategy.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter and reported a year-to-date Bitcoin yield of 4.5%. Additionally, while the company's Bitcoin position had an original cost basis of $63.69 billion, its treasury metrics calculated a BTC dollar gain of $1.95 billion and a BTC gain of 29,997.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter, while its Bitcoin yield reached 4.5% year to date. Under its treasury metrics, the company calculated a BTC gain of 29,997 and a BTC dollar gain of $1.95 billion. Additionally, Bitcoin's price has declined nearly 50% from its October 2025 all-time high of $126,080.
Strategy raised $8.41 billion through at-the-market stock offerings during the second quarter, while its year-to-date Bitcoin yield reached 4.5%. Additionally, the company reported a calculated BTC dollar gain of $1.95 billion and a BTC gain of 29,997 under its treasury metrics. To support preferred stock dividend obligations, the firm utilized bitcoin sales through its BTC Monetization Program, a move that marks a departure from its previous accumulation-only strategy.
