Strategy Inc. reported an $8.22 billion loss in the second quarter of 2026, a sharp reversal from the $14 billion gain it posted a year earlier. The loss was driven by a decline in bitcoin's price, the company said.
The bitcoin holdings picture
As of the report, Strategy holds 843,775 bitcoins. That's an 11% increase during the quarter — the company kept buying even as prices fell. But the mark-to-market hit on its massive stack overwhelmed the gains from accumulation.
Selling to fund payouts
Strategy continued selling bitcoin during the quarter to fund shareholder payouts. The company didn't disclose the exact amount sold, but the sales contributed to the loss. It's a delicate balance: holding a giant crypto treasury while also returning cash to investors.
The Q2 results land at a tricky time for bitcoin. The price decline that drove the loss shows no clear sign of reversing. Strategy's next move — whether to keep buying, hold steady, or sell more — will be closely watched when it reports Q3 numbers later this year.
