Strategy Posted a Massive Q2 Loss — Its Bitcoin (BTC) Stack Grew 25% Anyway

Strategy (MSTR) reported a net loss of $8.22 billion for the second quarter (Q2) of the year on Thursday — a notable reversal from the $10.02 billion in net income it posted in the same period a year earlier. 

The swing was driven almost entirely by the decline in Bitcoin’s (BTC)  market value during the quarter, which produced an unrealized loss of $8.32 billion on the company’s digital asset holdings. 

Strategy’s Numbers Look Bad on Paper 

The numbers look severe on paper. On a per-share basis, the company recorded a net loss of $24.45 diluted, compared to net income of $32.60 diluted a year earlier. Net loss attributable to common stockholders reached $8.62 billion.

The company held approximately 843,775 Bitcoin as of July 26 — up 25% year to date — acquired at an average cost of $75,476 per coin. At Bitcoin’s current price of $64,788, the market value of those holdings stands at approximately $54.66 billion against a cost basis of $63.69 billion.

Year-to-date through July 26, the company achieved a BTC Yield of 4.5% and a BTC Gain of 29,997 coins. The BTC Dollar Gain — calculated using Bitcoin’s July 27 price — stands at $1.95 billion for the year.

Strategy announces Q2 2026 results:
– Increased $BTC Holdings by 11%
– Reduced Convertible Debt by 18%
– Increased USD Reserve by 12%
– Increased BPS by 5%https://t.co/2hQp4Rvhji

— Michael Saylor (@saylor) July 30, 2026

On the capital markets side, Strategy raised $8.41 billion through its at-the-market equity offering programs during the second quarter alone, and an additional $1.28 billion between July 1 and July 26. Total ATM proceeds year-to-date reached approximately $17.06 billion. 

MSTR Is Back Near $100 

Cash and cash equivalents stood at $1.71 billion as of June 30, down from $2.21 billion at the end of March, though short-term investments of $736.1 million have been added where none existed in the prior quarter. 

The USD Reserve — the cash buffer Strategy maintains specifically to cover preferred stock dividends and debt interest — has grown to $3.75 billion, representing approximately 2.1 years of coverage.

The company has sold approximately $218.4 million in Bitcoin to date to fund a portion of preferred stock dividend payments under its board-authorized monetization program, which allows up to $1.25 billion in Bitcoin sales for that purpose. 

Chief Executive Phong Le said Strategy reduced convertible debt by 18%, grew Bitcoin per share by 5%, and increased its USD Reserve by 12% during the quarter — framing the period as one of balance sheet strengthening despite the Bitcoin price headwind.

Despite the figures, MSTR shares closed Thursday’s trading session near the $100 mark, recovering from sub-$75 lows earlier in the month.

Featured image generated with OpenArt.