MicroStrategy — now operating as Strategy — threw its weight behind the CLARITY Act on July 31, one day after reporting a bruising second quarter. The company posted an $8.22 billion net loss for Q2 2026, driven by an $8.32 billion impairment on its Bitcoin stash. Loss per share came in at $24.45, a sharp reversal from the $32.60 profit per share a year earlier.
What the CLARITY Act would do
The bill would give the SEC jurisdiction over tokens that look like securities and hand the CFTC authority over digital commodities. It passed the House 294-134 last July and cleared the Senate Banking Committee 15-9 in May, but no floor vote has been scheduled. Executive Chairman Michael Saylor said the legislation would “establish clear rules and promote innovation.”
The cost of the Bitcoin bet
Strategy holds 843,775 BTC, worth about $53.2 billion at current prices — roughly $10.5 billion below its cost basis. The company has raised $17.06 billion through at-the-market equity programs and another $7.53 billion via STRC preferred issuance this year. Those preferred shares pay a 12% dividend and trade below their $100 stated amount. Preferred dividends consumed $400.7 million last quarter, up from $49.1 million a year ago. CFO Andrew Kang pegged the effective cost of credit at 10.8%.
Strategy’s Bitcoin yield for the year sits at 4.5%. The company also authorized $1.0 billion for MSTR share repurchases but hasn’t bought any shares yet. It did, however, buy back 288,930 STRC shares at an average price of $86.53 — a 13.47% discount to the stated value.
Stock under pressure
MSTR closed at $93.28 on August 1, down 4.56% on the day and within 14% of its 52-week low of $81.81. Clear Street trimmed its price target to $201 from $240. The company’s market value is $35.87 billion.
Bitcoin traded near $63,016 on August 2, down 1.3% over 24 hours.
What’s next
The CLARITY Act has momentum in committee but no date for a Senate floor vote. For now, Strategy is left waiting — and paying down expensive preferred dividends while its Bitcoin holdings remain underwater.
