MSTR's $9 Billion Bitcoin Gap Wipes Out $18B in a Year

Strategy reported an $8.22 billion net loss for Q2 2026, driven by an $8.32 billion markdown on its Bitcoin holdings under fair-value accounting.

The company holds 843,775 bitcoin purchased at an average price of $75,476 per coin, now worth roughly $54.8 billion against a $63.7 billion acquisition cost, resulting in 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.