Strategy reported a Q2 net loss of $8.22 billion ($24.45 per share) on Thursday, swinging from a $10.02 billion profit a year earlier. The company sold about 3,600 BTC for roughly $216 million, realizing an estimated $55 million loss. Bitcoin is trading around $63,000 to $65,000 — 15% to 17% below Strategy's average purchase price of about $75,500 per BTC.
The $55 million BTC sale
Despite the sale, Strategy's Bitcoin holdings increased 11% to 843,775 BTC. Convertible debt dropped 18%, while the company's USD reserve rose 12%. Bitcoin per share also increased 5%. The sale happened in the high-$50,000 to low-$60,000 range — an area that has since emerged as an important support zone for the broader market.
Bitcoin price below cost basis
Strategy's average cost basis of $75,500 now sits above the current spot price. That gap has drawn attention to three likely price paths for Bitcoin: a bullish scenario where it holds above $63,000 and climbs to $69,000–$71,000; a base case of $60,000–$67,000; and a bearish path below $60,000 that could take it to $55,000–$58,000. The high-$50,000 to low-$60,000 zone, where Strategy sold, is now a key level to watch.
Bitcoin Hyper presale nears $33M
Separately, the Bitcoin Hyper presale has raised close to $33 million at a current price of $0.0136839, with high-APY staking. Bitcoin Hyper is the first Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, a technical detail that sets it apart from other L2 projects.
Valuation allowance and criticism
Strategy recorded a full valuation allowance against its deferred tax assets, a move that signals the company doesn't expect to realize those tax benefits in the near term. Meanwhile, the use of treasury funds to pay preferred stock dividends has drawn criticism from some shareholders. The timing isn't great — the company is sitting on a paper loss on its core Bitcoin holdings, and the sale only added to the red ink this quarter.
What comes next depends on where Bitcoin goes. If the price stays in the $60,000–$67,000 range, Strategy's cost basis problem lingers. A break above $69,000 would flip the narrative. A drop below $60,000 would test the support zone where the company just sold.
