Strategy reported an $8.2 billion net loss in Q2 2026 after recording an $8.32 billion unrealized markdown on its Bitcoin holdings under fair-value accounting. Despite the paper loss, the company increased its Bitcoin holdings by 25% in 2026 and reaffirmed its long term conviction in Bitcoin.
The world's largest corporate Bitcoin holder said the loss was largely driven by weaker Bitcoin prices during the April–June 2026 period. Since adopting fair value accounting in 2025, the company is required to mark its digital asset holdings to market each reporting period, making quarterly earnings more sensitive to Bitcoin price movements. Strategy ended the quarter holding 843,775 BTC, currently valued at approximately $54.8 billion, compared with a cumulative acquisition cost of $63.7 billion.
The company has raised $17.06 billion through stock offerings so far in 2026 while repurchasing $1.5 billion of convertible notes at a discount. It also built a $3.75 billion U.S. dollar reserve, which it said is sufficient to cover more than two years of preferred dividends and interest payments.
Despite the accounting loss, Strategy has continued strengthening its balance sheet by selectively monetizing a portion of its Bitcoin holdings under a new capital management program while expanding its Digital Credit business and maintaining a $1 billion share repurchase authorization.
Commenting on the results, the company said: "We're not changing our long term conviction in Bitcoin. The quarter's reported loss primarily reflects the accounting impact of fair-value measurement rather than changes in the underlying economics of our strategy.
The results highlight how fair-value accounting can produce significant paper gains and losses without reflecting realized investment performance. While the reported loss weighed on earnings and shares edged lower in after hours trading, Strategy continues to accumulate Bitcoin, strengthen its balance sheet, and maintain its long-term Bitcoin strategy.
