Strategy posts $8.2 billion loss as bitcoin falls below its cost basis

The largest corporate bitcoin holder now sits $9 billion underwater on 843,775 coins, has sold bitcoin for the first time in four years, and is funding preferred dividends from the asset it promised never to sell. Summary Strategy reported an $8.22 billion net loss for Q2 2026, driven almost entirely by an $8.32 billion unrealized markdown on its bitcoin holdings under fair-value accounting, swinging from a $10.02 billion profit in Q2 2025. The company holds 843,775 bitcoin purchased at an average of $75,476 per coin, now worth roughly $54.8 billion against a $63.7 billion acquisition cost, a gap of approximately $9 billion. Strategy sold bitcoin for the first time in four years, disposing of 3,588 coins for $218.4 million to fund preferred stock dividends, and has authorized a program allowing up to $1.25 billion in future sales. The capital structure has shifted toward preferred equity, with $14.4 billion in preferred stock outstanding, annual dividend obligations approaching $1.2 billion, and cash reserves of $3.75 billion covering roughly 2.1 years of payments. MSTR shares declined 0.67% in after-hours trading, a muted reaction that reflects how thoroughly the market has intern...