Michael Saylor’s Strategy (Nasdaq: MSTR) reported an $8.22 billion net loss for the second quarter of 2026 on July 30, as falling Bitcoin prices reduced the value of its holdings. The company
Michael Saylor’s Strategy (Nasdaq: MSTR) reported an $8.22 billion net loss for the second quarter of 2026 on July 30, as falling Bitcoin prices reduced the value of its holdings.
The company posted a diluted loss of $24.45 per share, compared with analysts’ estimate for a loss of $2.19 per share.
The company, formerly MicroStrategy, attributed almost all of the operating loss to an $8.32 billion unrealized loss on its Bitcoin holdings. Revenue reached $122.4 million, up 6.9% from $114.5 million in the same quarter last year.
In the first quarter of 2026, Strategy reported $124.3 million in software revenue and recorded a $14.5 billion operating loss after adopting fair-value accounting for its Bitcoin holdings.
The company ended the quarter with 818,334 Bitcoin, before significantly expanding its holdings over the following months.
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Strategy's Bitcoin accumulation slowed sharply during the second quarter after the company paused purchases for five consecutive weeks, its longest break in nearly two years.
Instead of buying Bitcoin, Strategy focused on strengthening its balance sheet.
Michael Saylor, co-founder and executive chairman of MicroStrategy Inc., speaks during the Bitcoin 2025 conference in Las Vegas, Nevada, US, on Thursday, May 29, 2025.The company raised fresh capital through common stock sales while building its US dollar reserve to fund preferred stock dividends and debt obligations.
Strategy said it raised $8.41 billion through at-the-market stock offerings during Q2, including $2.95 billion from MSTR shares and $5.47 billion from its STRC preferred stock.
It also repurchased $1.5 billion of convertible debt, reducing its outstanding convertible notes to $6.71 billion.
Executive chairman Michael Saylor later said the sale was intended to replenish the company's cash reserve rather than signal a shift away from its long-term Bitcoin strategy.
As of July 30, Strategy holds 843,775 Bitcoin acquired for about $63.6 billion, at an average purchase price of $75,476 per BTC, making it the world's largest corporate Bitcoin holder.
On July 29, ahead of the earnings release, Strategy executive chairman Michael Saylor reiterated his long-term conviction in Bitcoin, writing:
"Governments can accelerate Bitcoin adoption. Governments can delay Bitcoin adoption. They cannot stop Bitcoin. Block by block. Nation by nation. Bitcoin advances."
Strategy shares closed at $97.74 on July 30, up 4.41% in a day. The stock remained down 37.44% year to date and 75.63% over the past 12 months.
Bitcoin traded at $64,733, up 1.9% over the previous 24 hours.
