Strategy, which is the $64 billion bitcoin treasury company led by Michael Saylor, has one overriding objective: acquire as much bitcoin as possible as quickly as possible. However, the firm posted 11-figure losses for the second quarter running, as the bitcoin price currently sits well below the all-time high of $125,000 reached in October of last year. Still, Strategy has continually lined up new funding sources that have allowed it to keep buying bitcoin in 2026. In its 2026 first-quarter earnings report released on Tuesday, Strategy reported a net loss of $12.54 billion, which followed $17.44 billion in losses for the final quarter of 2025. The overwhelming share of those figures consists of unrealized declines associated with bitcoin’s lower price. The company has never sold any of the bitcoin it has acquired; however, it looks increasingly open to that eventual possibility. Its stash now stands at 818,334, or roughly 3.9% of the entire bitcoin supply. These holdings currently carry a market value of $64.14 billion with the bitcoin price around $78,000. Despite the large unrealized losses showing up on paper, the company that invented the corporate bitcoin treasury model used the earnings release to highlight the performance of its digital credit instrument called Stretch, or STRC. Stretch is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. Investors buy shares of this preferred equity product, and the company channels the proceeds straight into bitcoin purchases. Holders receive variable-rate dividends supported by the firm’s bitcoin holdings, which the company and its supporters expect to rise substantially over time. The instrument has attracted $5.58 billion year to date and more than $8 billion in the nine months since it originally launched.