Strategy Inc. posts $8.2 bn Q2 2026 loss as Bitcoin price plunges
Strategy Inc. reported a net loss of $8.22 billion for the second quarter of 2026, driven primarily by an $8.32 billion unrealized loss on its Bitcoin holdings. The company still holds 843,775 BTC, up about 25 % year‑to‑date, purchased for roughly $63.69 billion; at current prices the portfolio is worth about $54.6‑$54.8 billion, leaving the position roughly $9 billion underwater.
Bitcoin fell from its October 2025 peak of $126,080 to around $64,700 during the quarter, a decline of close to 50 %. Despite the price drop, Strategy increased its Bitcoin balance by 11 % in Q2. The firm raised $17.06 billion in capital through equity offerings in 2026 and maintains a $3.75 billion dollar reserve that can cover more than two years of preferred‑dividend and interest payments. It also repurchased $25 million of its STRC preferred shares at a discount.
On July 28 2026 the company tokenized its ordinary shares on the Solana blockchain, issuing a 1‑for‑1 token for each underlying share. The launch saw 5,301 tokens distributed to roughly 30 investors and generated about $36 million of first‑day trading volume. In parallel, Strategy updated its modified net asset value (mNAV) framework, raising the multiple from 1.04× to 1.07× while keeping a 1.0× accretion threshold for new share issuances.
Entities: 843,775 Bitcoin · Bitcoin · Michael Saylor · Phong Le · Solana blockchain · Solana blockchain · Strategy Inc.
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Strategy Inc.'s stock fell 39% since January 2024. (Article 4b924a33-fa4b-41c2-81c7-e54d609632a3)
- [○ 1 SOURCE] First‑day tokenized share trading volume was $36 million, with 5,301 tokens distributed to roughly 30 investors. (Article fe58381d-c644-4a8d-8e41-0d697b6939a9)
- [○ 1 SOURCE] Strategy allocated $25 million to repurchase preferred shares at $86.52 per share. (Strategy Inc.)
- [○ 1 SOURCE] Strategy reported a 42% annualized return on its stock since adopting a Bitcoin‑based treasury in August 2020, outperforming Bitcoin, the Magnificent Seven, and the S&P 500. (Article bbef03c6-f65f-4b89-ade9-e220fd6247c4)
- [○ 1 SOURCE] CEO Phong Le introduced a new mNAV formula with a fixed efficiency threshold of 1.0x and a mNAV of 1.07x. (Article 4b924a33-fa4b-41c2-81c7-e54d609632a3)
- [○ 1 SOURCE] On July 28 2026, Strategy tokenized its shares on the Solana blockchain, issuing a 1‑for‑1 token for each underlying share. (Article fe58381d-c644-4a8d-8e41-0d697b6939a9)
- [○ 1 SOURCE] Strategy holds 843,775 Bitcoin purchased for about $63.69 billion, a position approximately 17.9% underwater. (Article bbef03c6-f65f-4b89-ade9-e220fd6247c4)
- [○ 1 SOURCE] Bitcoin fell 26% against the US dollar over the same period. (Article 4b924a33-fa4b-41c2-81c7-e54d609632a3)
- [○ 1 SOURCE] Strategy claims its stock delivered a 42% annualized return since adopting the Bitcoin standard on August 10 2020, outperforming Bitcoin and the S&P 500. (Strategy Inc.)
- [○ 1 SOURCE] Strategy revised its mNAV formula to a fixed efficiency threshold of 1.0× and increased mNAV to 1.07×. (Strategy Inc.)
- [○ 1 SOURCE] On July 28 2026, Strategy launched tokenized shares on the Solana blockchain, each token representing one real share. (Strategy Inc.)
- [○ 1 SOURCE] Bitcoin fell 26.43% against the US dollar over the same period. (Bitcoin market data)