Strategy Posts $8.22 Billion Loss as Bitcoin Slides Below $63,000

The largest corporate holder of Bitcoin, Strategy, reported an $8.22 billion net loss for the second quarter due to a significant drop in its digital assets' value.

This loss comes on top of a already struggling crypto market, with total capitalization falling 11% and spot trading volumes dropping 25%.

Strategy's Bitcoin position is worth around $54.77 billion at current prices, but its average cost basis sits near $75,476 per coin, making the position roughly $10,700 underwater per Bitcoin.

The company has taken steps to strengthen its balance sheet, raising $17.06 billion through share offerings and cutting convertible notes by over $1.5 billion.