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BTC The second-quarter loss was related to the decline in Bitcoin prices.
Bitcoin positions reached 843,775.
Debt reduction and capital raising continue.
Strategy reported a net loss of US$8.22 billion due to changes in the fair value of Bitcoin.
As of July 26, Bitcoin positions reached 843,775, a year-to-date increase of 25%.
Convertible bonds fell to US$6.71 billion due to Strategy buying back notes at a discount.
U.S. dollar reserves increased to US$3.75 billion, covering dividend obligations over 2.1 years.
Strategy reported a net loss of US$8.22 billion for the second quarter of 2026, mainly due to changes in the fair value of its Bitcoin positions. As of July 26, 2026, the company held approximately 843,775 bitcoins, a year-to-date increase of 25%. Despite the losses, Strategy strengthened its balance sheet and reduced debt during the period.
Second-quarter loss is related to falling Bitcoin prices
Strategy reported a net loss of US$8.22 billion for the second quarter of 2026, compared with net profit of US$10.02 billion for the same period last year. This change reflects the unrealized fair value change in the company's digital asset holdings. Operating loss for the quarter reached US$8.33 billion, compared with operating profit of US$14.03 billion in the same period last year. The figure includes unrealized losses of $8.32 billion on digital assets, compared with unrealized gains of $14.05 billion in the same period last year. Net diluted loss per common share for the quarter was $24.45, compared with diluted earnings per share of $32.60 for the second quarter of 2025. After deducting preferred stock dividends, the net loss attributable to ordinary shareholders was $8.62 billion.
Strategy announced its second-quarter results on July 30, 2026: Bitcoin holdings increased by 11%, convertible bonds decreased by 18%, US dollar reserves increased by 12%, and Bitcoin per share increased by 5%.
CEO Phong Le talked about the difficult situation the company faced during the quarter. He said Strategy strengthened its balance sheet "while responding to the sharp decline in bitcoin prices." Le pointed out that the increase in Bitcoin holdings, the decrease in convertible bonds and the increase in Bitcoin per share are the main results.
Bitcoin positions reached 843,775
As of July 26, 2026, Strategy's Bitcoin positions increased to 843,775, a month-on-month increase of 11%. The average cost basis per Bitcoin is approximately US$75,476. Based on the bitcoin price on July 27, the market value of positions totaled US$54.77 billion. On July 30, the Bitcoin transaction price was approximately US$65,028, which was lower than the company's average purchase price. This price gap directly contributed to the unrealized loss recorded during the quarter. Despite this, Strategy has achieved a 4.5% Bitcoin yield since the beginning of 2026. The company reported year-to-date bitcoin dollar gains of $1.95 billion based on current market prices. Total revenue for the quarter was $122.4 million, a year-on-year increase of 6.9%. Gross profit was $81.6 million and gross margin was 66.6%.
Chief Financial Officer Andrew Kang commented on the company's financial situation during the decline in Bitcoin prices. He said U.S. dollar reserves currently stand at $3.75 billion, covering dividend and interest obligations "over 2.1 years." Kang added that Strategy has established "a record of paying dividends for 18 consecutive months, and has never missed a dividend payment despite the recent deep decline in Bitcoin prices."
Debt reduction and capital raising continue
Convertible bonds fell to US$6.71 billion from US$8.21 billion at the end of the previous quarter. In May 2026, Strategy repurchased the 2029 notes with a face value of US$1.5 billion, with transaction costs of approximately US$1.38 billion and a discount of 8%. Year-to-date 2026, Strategy has raised $17.06 billion through a market-to-market offering (ATM) program. Among them, STRC issuance contributed US$7.53 billion, an increase of 254%. As of June 30, 2026, cash and cash equivalents were US$1.71 billion.
Michael Saylor, founder and executive chairman, talked about the broader market context the company faces. He described the current situation as "a period of low Bitcoin sentiment and market suspicion." Saylor said the company will continue to "develop our business model and establish digital credit as a new asset class." Strategy also maintains board authorization to sell Bitcoin through its Bitcoin monetization program. The company has sold approximately $218.4 million in Bitcoin year-to-date to pay preferred stock dividends. A separate $1 billion MSTR repurchase program has so far not had any operation.
