Strategy posts $8.2B Q2 net loss on $8.3B unrealized digital-asset hit

Strategy, a digital-asset treasury company, reported a second-quarter net loss of $8.2 billion after booking $8.3 billion in unrealized losses on digital assets. Its software segment delivered $122 million in quarterly revenue. The company prepares its financial statements using fair-value measurement. Between Aug. 3 and Aug. 9, Strategy sold 1,690 bitcoins, raising about $109 million to repurchase STRC preferred shares. No bitcoin sales were recorded the following week; instead, the firm issued common stock and raised $334 million, allocating $52 million to preferred-share dividends, $132 million to repurchases and $149 million to U.S. dollar reserves. Twenty One Capital, another digital-asset treasury company, said that as of June 30 each Class A share represented 12,547 satoshis, down from 12,557 at the end of 2025. The firm holds 43,514 bitcoins valued at roughly $2.8 billion, versus an equity market capitalization of about $1.6 billion, implying a valuation of around 0.57x its bitcoin holdings. Of its bitcoin stash, 16,116 BTC has been pledged as collateral for $485 million of convertible debt, equal to about $106 million in cash. Strategy's U.S. dollar reserves stood at $4.8 billion as of Aug. 16. Management said the balance could fund roughly 2.7 years of debt and dividend payments. (Forbes Digital Assets)