Strategy Swings to $...

Strategy Swings to $8.2B Loss as Bitcoin Slump Weighs on Holdings

By José Oramas July 31, 2026 In Bitcoin, Microstrategy

Strategy reported a net loss of US$8.22 billion for the second quarter, against net income of US$10.02 billion a year earlier, in results filed after the US close on Thursday.
An unrealised loss of US$8.32 billion on its Bitcoin drove the swing, compared with a US$14.05 billion gain in the same quarter of 2025.
Company filings show five consecutive weeks without a Bitcoin purchase, the last one a 520 BTC buy reported on 22 June.

Strategy, formerly MicroStrategy reported a net loss of US$8.22 billion (AU$11.76 billion) for the three months to 30 June, or US$24.45 (AU$34.96) a share, reversing net income of US$10.02 billion (AU$14.33 billion) in the same quarter last year.

The results were filed with the US Securities and Exchange Commission after the market closed on Thursday.

https://twitter.com/saylor/status/2082920028484018528

An unrealised loss of US$8.32 billion (AU$11.90 billion) on the company’s Bitcoin accounts for almost all of it.

Strategy carries its Bitcoin at fair value, so every move in the price runs through earnings, and the same line delivered a US$14.05 billion (AU$20.09 billion) gain in the second quarter of 2025.

Similarly, operating loss came to US$8.33 billion (AU$11.91 billion). After US$400.7 million (AU$573 million) of preferred dividends, up from US$49.1 million (AU$70.2 million) a year ago, the loss attributable to common shareholders was US$8.62 billion (AU$12.33 billion).

Five Weeks Without a Purchase

Strategy’s weekly filings have recorded no Bitcoin purchases for five straight weeks, the most recent on 27 July. The last disclosed purchase was 520 BTC for US$34.9 million (AU$49.9 million), reported on 22 June.

Strategy has instead sold US$218.4 million (AU$312.3 million) of Bitcoin this year to help fund preferred dividends, a program CNA reported when the first US$216 million (AU$308.9 million) tranche went through in early July.

Holdings still grew 11% over the quarter, from 762,099 BTC at the end of March to 846,000 at 30 June. The company held 843,775 BTC as of 26 July at a cost of US$63.69 billion (AU$91.08 billion), or US$75,476 (AU$107,931) a coin.

At Bitcoin’s price of US$64,240 (AU$91,863) on Friday, that stack is worth about US$54.2 billion (AU$77.5 billion), roughly US$9.5 billion (AU$13.6 billion) below what Strategy paid.