Overview
- Strategy reported an $8.22 billion net loss on July 30 driven by an $8.32 billion unrealized markdown on its Bitcoin holdings.
- The company holds 843,775 BTC bought at an average cost near $75,476 per coin and has increased its U.S. dollar reserve to about $3.75 billion.
- Management paused Bitcoin purchases for five consecutive weeks in Q2, sold roughly $218.4 million of BTC to fund preferred dividends, and raised about $8.41 billion through at‑the‑market offerings in the quarter.
- Strategy repurchased $1.5 billion of convertible notes to cut outstanding convertibles to $6.71 billion and began modest STRC preferred buybacks while authorizing a $1 billion common share repurchase program.
- Because fair‑value accounting forces large unrealized swings through GAAP results, the company’s near‑term funding depends on STRC trading near its $100 par and on continued market access, which could lead to dilution or further balance‑sheet moves if Bitcoin stays below Strategy’s average cost.