Strategy, the largest corporate holder of bitcoin, reported a net loss of $8.22 billion for the second quarter. The main reason is an unrealized loss of $8.32 billion on its bitcoin position, which arose against the backdrop of the asset's price decline during this period.
As of Sunday, the company owned 843,775 BTC — this figure has increased by 25% since the beginning of the year. In other words, despite paper losses, Strategy continues to increase its position, not reduce it.
Sale of Part of the Coins and Launch of Monetization Program
Separately, the company disclosed that it sold approximately $218.4 million worth of bitcoins as part of a new monetization program. The goal of these sales is to partially finance obligations for dividends on preferred shares. The majority of this amount, namely $216 million, occurred already at the beginning of July, i.e., after the end of the second quarter.
In addition, Strategy reported that it formed a dollar reserve of $3.75 billion. According to the company, this reserve is sufficient to cover more than two years of payments on preferred dividends and interest obligations. This step appears to be an attempt to hedge against a recurrence of a situation where a drop in the bitcoin price coincides with the need to service debt and quasi-debt instruments.
Among other things, the company noted that it recently repurchased Series STRC preferred shares worth $25 million — at a discount to their face value. Strategy announced its intention to continue repurchasing these securities as long as they trade below $100.
Market Reaction to the Report
Strategy's shares (ticker MSTR) ended the main trading session on July 30 up 4.7%, but after the report's publication, they corrected slightly downward in the after-hours session, according to data from Yahoo Finance.
This market reaction reflects a fairly typical picture for companies whose strategy is built around holding a large bitcoin position: quarterly accounting reports become hostage to fluctuations in the price of the underlying asset, even if the company's long-term strategy remains unchanged.
The Strategy report shows that the company continues to adhere to its chosen course — increasing its bitcoin position — while simultaneously building a financial cushion to service its own obligations to holders of preferred shares. The formation of a $3.75 billion reserve and the sale of part of the coins under the monetization program indicate that the company's management anticipates continued market volatility and is preparing for it in advance, without abandoning its basic bet on bitcoin's growth in the long term.
AI Opinion
From the perspective of machine data analysis, Strategy's current loss is not an anomaly, but a continuation of a recognizable pattern. The company has already been through similar quarters: for the fourth quarter of 2025, the net loss was $12.4 billion, and the first quarter of 2026 turned out to be even heavier — the company recorded a paper loss of about $12.5 billion. This confirms: Strategy's accounting is structured in such a way that practically any decline in the bitcoin price automatically turns into a multi-billion-dollar minus under fair value accounting standards, even if not a single coin was sold.
A technical aspect that remains behind the scenes: the program for monetizing the company's owned bitcoins is effectively a new source of market pressure. Previously, the company only bought bitcoin; now it regularly sells part of its reserve to service dividends on preferred shares. With a sufficiently prolonged price decline, such a model gradually turns Strategy from a pure accumulator into a participant that periodically adds to the supply on the market. A question for reflection: how long can the dollar reserve compensate for the gap between dividend obligations and fluctuations in the cost of the underlying asset if the price decline cycle lasts longer than two years?
