As bitcoin fell dramatically year-over-year, Strategy swung from a $10 billion profit in the second quarter of 2025 to an $8.2 billion loss this year, the company said Thursday.
Strategy's loss was driven almost entirely by unrealized, paper losses on its bitcoin holdings.
The firm grew its BTC holdings by 11% during the quarter, climbing to a peak of 846,000 BTC, before it began selling off some of its assets.
The price of bitcoin was more than 40% lower at the end of this year's second quarter when compared to Q2 2025.
The report comes weeks into a strategic shift at the company, which has paused bitcoin purchases for the last five consecutive weeks to prioritize building a large U.S. dollar cash reserve.
