Strategy Inc., the company formerly known as MicroStrategy, just reported a Q2 2026 net loss of $8.22 billion. And in the same breath, it authorized a program to sell up to $5 billion worth of its Bitcoin stash.
The numbers behind the pain
The loss, which works out to $24.45 per diluted share, was driven almost entirely by a single line item: an $8.32 billion unrealized fair value loss on the company’s Bitcoin holdings. The operating loss hit $8.33 billion for the quarter.
Strategy still holds between 843,775 and 846,000 BTC at quarter-end. That’s roughly 4% of all Bitcoin that will ever exist, making it by far the largest institutional holder of the asset on the planet.
The company’s shares dropped approximately 7% in pre-market trading following the earnings release on July 30-31, 2026.
