Strategy Discloses $8.32 Billion Bitcoin Loss Ahead of Q2 Earnings

Every Bitcoin Strategy has ever bought is now worth less than what the company paid for it — and the filing shows it started selling.

Strategy (formerly MicroStrategy) disclosed an $8.32 billion loss on its digital assets for Q2 2026 ahead of its earnings call later today, July 30. Of that, $8.31 billion is an unrealized loss, with the company’s Bitcoin carrying value at $49.67 billion as of June 30, 2026.

The company holds 843,706 BTC at an average cost basis of roughly $75,700 per coin — meaningfully above where Bitcoin has been trading, which is why every coin on the books is currently underwater on paper.

The same filing revealed Strategy sold Bitcoin in two separate moves: 1,363 BTC between June 29-30 for $80.8 million, then another 2,225 BTC between July 1-5 for $135.2 million, with proceeds going toward preferred stock distributions and rebuilding the company’s cash reserve.

An unrealized loss isn’t a realized one — Strategy hasn’t sold the bulk of its position — but it’s a reminder that the “buy and never sell” thesis still has to survive real accounting, real taxes, and real quarters like this one.

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This article does not constitute financial advice of any kind. Crypto asset prices are highly unpredictable, so treat this as background information, not a signal to trade.