Daily Crypto Briefs 
TYSONS CORNER, Va., July 30, 2026
Strategy reported an $8.22 billion second-quarter net loss, driven mostly by an $8.32 billion unrealized loss on its Bitcoin holdings, even as the company held 843,775 BTC and lifted its USD Reserve to $3.75 billion in the latest test of its debt-and-preferred-stock funding model.
The result, released Thursday, puts the accounting effect of Bitcoin’s decline beside the company’s effort to protect its dividend and interest payments with cash. Strategy said its reserve now covers more than 2.1 years of those obligations, while its Bitcoin position had an original cost basis of $63.69 billion and a $54.77 billion market value at its July 27 reference price.
Bitcoin traded near $64,587 on Friday, down 0.07% over 24 hours, according to Alternative.me’s market dashboard. Strategy’s own reference price was $64,915 on July 27, below its stated average Bitcoin cost of about $75,476, leaving the company with a large gap between purchase cost and the value used for its disclosure.
In its second-quarter release, Strategy said the operating loss included an $8.32 billion unrealized digital-asset loss. Chief Executive Phong Le said the company had reduced convertible debt by 18% in the quarter and intended to repurchase STRC shares in a “regular and disciplined manner” when the preferred stock trades below its $100 stated amount.
The report follows a difficult stretch for the company’s capital stack. Daily Crypto Briefs previously examined the pressure on Strategy’s Bitcoin premium and STRC, then the company’s $216 million Bitcoin sales for dividends. The Q2 filing now makes the cash-reserve policy a central part of the strategy rather than a peripheral liquidity measure.
Bitcoin
BTCStrategy’s Q2 Loss Came From Bitcoin Fair-Value Accounting
Strategy reported $122.4 million in Q2 revenue, up 6.9% from a year earlier, and $81.6 million in gross profit. Those operating figures were small next to the Bitcoin valuation move, which produced an $8.33 billion operating loss and an $8.22 billion net loss, or $24.45 per diluted common share.
The contrast is an accounting consequence, not evidence that Strategy sold its Bitcoin to realize the full quarterly loss. The company measures Bitcoin at fair value, meaning price moves are recognized in earnings at the reporting date. Strategy explicitly notes that this can leave its Bitcoin-per-share metrics positive during a period in which it reports a significant unrealized loss.
As of July 26, its reported 843,775 BTC represented 25% growth year to date, while its stated BTC Yield was 4.5%. Those are company-defined performance indicators based on Bitcoin per assumed diluted share, not a conventional investment return or a liquidity measure.
That distinction is especially important for investors reading the headline loss. Strategy says the measures do not account for all debt and the senior claims of preferred shareholders, and says they should not be treated as a valuation of the common stock. Its market price can also diverge substantially from the fair value of the Bitcoin position, the release says.
Strategy’s $3.75B USD Reserve Moves to the Forefront
The reserve grew to $3.75 billion as of July 26, earmarked for preferred-stock dividends and interest on outstanding debt. Strategy said it had $1.71 billion in cash and cash equivalents and $736.1 million in short-term investments at June 30, compared with $2.21 billion in cash at the end of March.
The company had raised $17.06 billion year to date through its at-the-market programs, including $8.41 billion in Q2 and a further $1.28 billion between July 1 and July 26. It also said STRC issuances had raised $7.53 billion year to date and that cumulative dividends paid across all preferred stock had reached $1.06 billion.
Strategy repurchased $28.89 million of STRC notional for $25 million from July 20 through July 26, an average price of $86.53 per share and a 13.47% discount to the $100 stated amount. About $975 million remained in the digital-credit repurchase authorization, while the company had made no MSTR repurchases under its separate $1 billion program.
The policy is a material change in how readers should frame Strategy’s treasury. The company had already raised a dedicated cash reserve as its preferred-stock obligations expanded. This quarter’s disclosure sets a stated coverage period and ties the cash to a specific class of obligations, while the Bitcoin position remains the much larger and more volatile asset.
Bitcoin Sales and STRC Trading Are the Next Tests
Strategy said it had sold roughly $218.4 million of Bitcoin year to date to fund part of its preferred-stock dividends. Its board authorization permits Bitcoin sales to fund the USD Reserve up to $1.25 billion, meet dividends and interest, replenish the reserve, or fund eligible MSTR and digital-credit buybacks.
That authorization does not require a sale of that size, and the company did not disclose a new sale schedule in the earnings release. It does, however, connect the reserve and the preferred-stock policy directly to its Bitcoin holdings at a time when the asset remains below the company’s aggregate acquisition cost.
The Crypto Fear & Greed Index stood at 30, or Fear, on July 31, according to Alternative.me. The Bitcoin-oriented sentiment gauge is not a measure of Strategy’s finances, but it reflects the cautious market backdrop cited by the company.
Fear & Greed Index
July 31, 2026Strategy’s next disclosures should show whether the reserve continues to grow, how much Bitcoin is sold under the new authorization, and whether STRC moves nearer its $100 stated amount. They will also show how much of the Q2 accounting loss reverses or deepens if Bitcoin prices move before the next reporting date.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Strategy: Q2 2026 financial results |
| | Strategy: Q2 2026 results PDF |
| | CoinGecko: Bitcoin market data |
| | Alternative.me: Crypto Fear and Greed Index |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
Why did Strategy report an $8.22 billion loss in Q2 2026?
Strategy said its Q2 net loss included an $8.32 billion unrealized loss on digital assets. Bitcoin is measured at fair value in its financial statements, so changes in Bitcoin's market price can materially affect reported earnings without requiring a sale.
How much Bitcoin does Strategy hold?
Strategy reported 843,775 BTC as of July 26, 2026. It listed an original cost basis of $63.69 billion and a market value of $54.77 billion using a July 27 Bitcoin reference price of $64,915.
What is Strategy's $3.75 billion USD Reserve?
Strategy said the USD Reserve is set aside for preferred-stock dividends and interest on outstanding debt. The company said the balance represented more than 2.1 years of coverage as of July 26, 2026.
Has Strategy started selling Bitcoin?
Yes. Strategy said it had sold about $218.4 million of Bitcoin year to date in 2026 to fund part of its preferred-stock dividends. It also has authorization to sell Bitcoin for its reserve, interest and dividend payments, or eligible buybacks.