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2 clusters · 16 sources · 5 days · First seen 6 days ago · Last updated 1 day ago

Categories: BUSINESS

Strategy Inc. Bitcoin treasury loss and tokenization

Entities: Michael Saylor · Solana blockchain · 843,775 Bitcoin · Bitcoin · Strategy Inc.

Overview

On July 24 2026 Strategy Inc. (formerly MicroStrategy) introduced a “Net Bitcoin Per Share” (Net BPS) metric, showing that after accounting for $22.3 billion of senior obligations, its 843,775 BTC treasury translated to a net reserve of about $35‑36.6 billion and a Net BPS of roughly $95 per share. The company also refreshed its modified net‑asset‑value (mNAV) framework, fixing the equity‑issuance threshold at 1.0× and defining an amplification multiplier of about 1.5×.

Five days later, after its Nasdaq‑listed shares fell 39.45% YTD, Strategy raised the mNAV multiple to 1.07× and announced a $25 million preferred‑share buyback at $86.52 each. It tokenized ordinary shares on the Solana blockchain, issuing 1‑for‑1 $MSTR tokens that generated about $36 million of first‑day trading volume.

On July 29 2026 the firm reported an $8.22 billion net loss for Q2, driven by an $8.32 billion unrealized loss as Bitcoin dropped from its October 2025 peak to roughly $64,700, leaving the portfolio about $9 billion underwater. Despite the price decline, Strategy increased its Bitcoin balance by roughly 11% during the quarter and bought back $25 million of preferred shares at a discount. It raised $17.06 billion through equity offerings, maintains a $3.75 billion cash reserve covering more than two years of preferred‑dividend and interest obligations, and confirmed the mNAV multiple at 1.07×.

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 5 SOURCES] Strategy reported a net loss of $8.22 billion for Q2 2026. (derived from earnings reports)
[● 5 SOURCES] The Q2 loss was primarily due to an $8.32 billion unrealized loss on Bitcoin holdings. (derived from earnings reports)
[● 5 SOURCES] Strategy holds 843,775 BTC, up about 25 % year‑to‑date, purchased for $63.69 billion and valued at approximately $54.6‑$54.8 billion. (derived from earnings reports)
[● 3 SOURCES] Bitcoin fell from its October 2025 peak of $126,080 to about $64,700 during the quarter, a drop of close to 50 %. (derived from earnings reports and market data)
[● 3 SOURCES] Strategy raised $17.06 billion in 2026 through equity offerings. (derived from earnings reports)
[● 3 SOURCES] Strategy maintains a $3.75 billion dollar reserve sufficient to cover more than two years of preferred‑dividend and interest payments. (derived from earnings reports)
[○ 1 SOURCE] Strategy Inc.'s stock fell 39% since January 2024. (Article 4b924a33-fa4b-41c2-81c7-e54d609632a3)
[○ 1 SOURCE] Bitcoin fell 26% against the US dollar over the same period. (Article 4b924a33-fa4b-41c2-81c7-e54d609632a3)
[○ 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] Strategy allocated $25 million to repurchase preferred shares at $86.52 per share. (Strategy Inc.)
[○ 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] First‑day tokenized share trading volume was $36 million, with 5,301 tokens distributed to roughly 30 investors. (Article fe58381d-c644-4a8d-8e41-0d697b6939a9)

Timeline

1 day ago

[BUSINESS] 13 sources
Strategy Inc. posts $8.2 bn Q2 2026 loss as Bitcoin price plunges
Strategy Inc. posted an $8.22 bn Q2 2026 loss, mainly from an $8.32 bn Bitcoin unrealized loss. It holds 843,775 BTC (≈$54.7 bn value) and raised $17 bn in capital. The firm tokenized its shares on Solana, with
6 days ago

[BUSINESS] 6 sources
Strategy Inc. launches Net Bitcoin Per Share metric for common shareholders
Strategy Inc. unveiled a Net Bitcoin Per Share metric, stripping out $22.3 bn of senior claims from its $55‑57 bn Bitcoin holdings to show the residual claim for common shareholders, and updated its mNAV.

Sources

abmedia.io · bitcoinmagazine.com · coinpedia.org · cointelegraph.com · crypto.news · cryptobriefing.com · cryptosnewss.com · decrypt.co · en.bitcoinsistemi.com · en.coin-turk.com · lehrernotstand.de · news.bitcoin.com · nigerianewspapers.com.ng · spacemoney.com.br · themarketperiodical.com · therogueginger.com

This summary has been updated 1 time: see revision history