Bitcoin treasury company Strategy posted an $8.22 billion loss in the second quarter of 2026 as the price of Bitcoin fell 50% from its October 2025 all-time high of $126,080.
The Nasdaq-listed company, formerly known as MicroStrategy, reported the loss despite holding 843,775 Bitcoin worth $54.6 billion at current prices. Bitcoin traded at $64,745 when Strategy disclosed results, down 26% year-to-date.
Investors buy Strategy stock to gain leveraged exposure to Bitcoin. The company’s shares have declined 80% from their 2024 peak of $500 per share.
“In the second quarter of 2026, Strategy strengthened its balance sheet while navigating a meaningful Bitcoin price decline,” said Phong Le, CEO and President of Strategy. Le’s statement underscores the company’s dual approach: absorbing losses on its existing holdings while building cash reserves.
Strategy paused Bitcoin purchases for five weeks prior to reporting, shifting focus toward accumulating cash instead. The company continues to raise capital to fund future acquisitions, a strategy that positions it to resume buying if prices decline further.
Despite the quarterly loss, Strategy increased its Bitcoin holdings by 11% over the quarter, signaling continued conviction in the asset class even as sentiment deteriorated.
Michael Saylor, Strategy’s Chairman, emphasized the company’s longer-term vision. “In the midst of this phase of muted Bitcoin sentiment and market skepticism, we continue to evolve our business model and establish digital credit as a new asset class,” Saylor said.
The loss in Q2 2026 reversed Strategy’s Q2 2025 performance, when the company reported $10.02 billion in net income. That prior-year result reflected Bitcoin’s strong price appreciation in the first half of 2025, culminating in the October peak.
Strategy also offers STRC, a product that pays investors a dividend, diversifying its revenue model beyond Bitcoin price appreciation.
