Strategy reported an $8.22 billion Q2 net loss from Bitcoin fair-value accounting, while its holdings reached 843,775 BTC and its USD Reserve grew to $3.75 billion.
Strategy raised $263.5 million through MSTR sales, made no Bitcoin purchases and reported a $3.225 billion cash reserve in a July 20 filing.
Strategy sold 3,588 BTC for about $216M to fund preferred-stock distributions, cutting its reserves to 843,775 BTC as Saylor's treasury model faces a new test.
Strategy's bitcoin premium came under pressure as MSTR and STRC fell, turning Michael Saylor's preferred-stock funding machine into the market's stress point.
Strategy bought 24,869 more bitcoin and now holds over 4% of the total supply, turning the corporate Bitcoin race into a live market story.