MSTR
Bitcoin did the thing again
Strategy’s latest 8-K reads like a reminder that this isn’t just a software stock anymore. The company reported an $8.32 billion loss on digital assets for Q2 2026, including $8.31 billion in unrealized losses, after Bitcoin slid below the average cost of its holdings.
That’s not a paper cut. That’s a paper crater.
Selling BTC to pay the bills
The filing also showed Strategy sold Bitcoin in two chunks last week:
- 1,363 BTC between June 29 and June 30 for about $80.8 million
- 2,225 BTC between July 1 and July 5 for about $135.2 million
Combined, those sales were used to fund preferred stock dividends and replenish the company’s USD reserve. In other words: the company is now using pieces of its giant Bitcoin pile to keep the rest of the machine running.
Why investors should care
Strategy now says it held 843,775 BTC as of July 5, with an aggregate cost basis of roughly $63.69 billion. With Bitcoin hovering around $60,000, the math is still pretty ugly: a massive chunk of those holdings is underwater.
The company’s USD reserve sat at $2.55 billion, and it still has $1.25 billion of board-authorized BTC monetization capacity left. So yes, there’s still a cushion. But the bigger message is clear: the balance sheet is becoming more of a live-wire trade on Bitcoin than ever.
Big picture: Strategy built the most famous corporate Bitcoin stash on Earth. Now it’s finding out that when the asset swings the wrong way, the accounting gets loud, fast, and expensive.