Strategy reported an accounting loss of $8.22 billion in the second quarter of 2026, driven by Bitcoin’s price falling below its average cost basis. The company nonetheless continued buying bitcoin, acquiring an additional 83,901 units at an average price of approximately $75,500 each. It raised $8.41 billion during the quarter through offerings of common shares and preferred stock, bringing its total reserves to 843,775 bitcoins, representing approximately 4% of the total future supply. Adjusted earnings per share came in at -$24.45, missing the consensus estimate of +$0.79. Strategy’s model remains dependent on investor confidence: as long as markets subscribe to its equity and preferred stock offerings, the company can absorb massive accounting losses without selling any bitcoin.
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