Strategy suffers $8.22 billion loss in Q2 due to Bitcoin value fluctuations

Strategy, formerly MicroStrategy and listed on the Nasdaq as MSTR, reports a net loss of $8.22 billion for the second quarter of 2026. That is a sharp reversal compared with the same period last year, when the company still booked a net profit of $10.02 billion. The cause lies in changes in the fair value of the company’s Bitcoin portfolio.

Bitcoin is available at OKX and Bybit.

In short:

• Strategy holds 843,775 Bitcoin as of 26 July 2026, an increase of 25% this year.
• The company suffers a net loss of $8.22 billion in Q2 2026, mainly due to fair value changes in its Bitcoin holdings.
• Through ATM programmes, Strategy raises $17.06 billion and expands its dollar reserve to $3.75 billion.

843,775 Bitcoin in portfolio

As of 26 July 2026, Strategy holds approximately 843,775 Bitcoin, representing growth of 25% compared with the start of this year. That is a substantial package: at the current Bitcoin price of $63.900, those holdings represent a value of more than $53.9 billion. So far this year, the company has realised a BTC yield of 4.5%.

In addition, Strategy is launching a so-called BTC Monetization Program, through which it has so far sold $218.4 million worth of Bitcoin in 2026. The company is also introducing new metrics on Strategy.com, including the BTC Hurdle ARR and Net Bitcoin Per Share.

Capital markets and debt position

Despite the substantial accounting loss, Strategy is raising $17.06 billion in new capital through its ATM programmes in 2026. At the same time, outstanding convertible debt fell from $8.21 billion to $6.71 billion at the end of the quarter, indicating that the company is actively reducing its debt position.

In terms of preferred shares, Strategy has so far paid a total of $1.06 billion in cumulative dividends. Furthermore, the company is buying back $25 million worth of STRC, representing a discount of 13% to the nominal value. The issuance of STRC has generated $7.53 billion so far in 2026, growth of 254% compared with earlier.

Dollar reserve as a buffer

To cover its financial obligations, Strategy is increasing its dollar reserve to $3.75 billion. That is enough to cover more than 2.1 years of dividends on preferred shares and interest payments on debt. In doing so, the company is building a solid buffer for uncertain market conditions.

At the same time, Strategy is announcing a $1.0 billion share buyback programme for its own shares (MSTR), although no shares have been bought back under it so far. More details on the quarterly results can be found in the official press release on the website of Strategy. We previously reported that the Bitcoin market has stalled with volumes at their lowest level since 2019, which makes the value fluctuations in large portfolios such as that of Strategy extra visible.