Strategy Reports $8.2B Q2 Loss on Bitcoin Markdown, Expands Treasury
In Q2 2026, Strategy (NASDAQ: MSTR) experienced a net loss of $8.22 billion, largely attributed to an $8.32 billion fair-value reduction on its Bitcoin assets, as mandated by FASB's ASU 2023-08. This translates to a loss of $24.45 per diluted share, a stark contrast to the profit recorded in the same quarter the previous year. As of July 26, the company held 843,775 BTC, valued at roughly $54.8 billion, indicating an unrealized deficit of around $9 billion. Strategy raised $17.06 billion through equity offerings and repurchased $1.5 billion in convertible notes. Additionally, the company sold 3,588 BTC for about $218.4 million to bolster its cash reserves, and a $1 billion share repurchase program was approved. Future earnings will hinge on Bitcoin price fluctuations.
Key facts
- Strategy reported an $8.22 billion net loss for Q2 2026.
- The loss was due to an $8.32 billion fair-value markdown on Bitcoin holdings.
- Loss per diluted share was $24.45.
- As of July 26, Strategy owned 843,775 BTC, up 25% since start of 2026.
- Bitcoin acquired for ~$63.7 billion, average price ~$75,500 per coin.
- Holdings valued at ~$54.8 billion, unrealized shortfall ~$9 billion.
- Company raised $17.06 billion via at-the-market equity offerings.
- Repurchased $1.5 billion of convertible notes at an 8% discount.
- CFO Andrew Kang: U.S. dollar reserve increased to $3.75 billion.
- Sold 3,588 BTC for ~$218.4 million under Bitcoin Monetization Program.
- Authorized $1 billion share repurchase program.
- Bought back ~$25 million of STRC preferred shares.
- Adopted FASB's ASU 2023-08 accounting standard.
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