Strategy Posts Record Net Loss as BTC Price Decline Takes Toll

Strategy, a corporate Bitcoin treasury company formerly known as MicroStrategy, reported an $8.22 billion net loss for the second quarter of 2025. This sharp reversal is largely due to $8.32 billion in unrealized markdowns on its digital asset holdings, primarily BTC.

The company attributed the operating loss of $8.33 billion to a broad decline in cryptocurrency prices during Q2. As of July 26, Strategy held 843,775 BTC, making it the largest publicly traded corporate holder of the digital asset.

Despite the significant impairment charge under current accounting rules, Chairman Michael Saylor emphasized that the company is evolving its business model beyond simple Bitcoin accumulation. He stated that Strategy is working to build digital credit as a new asset class, with a focus on improving shareholder value through capital market strategies.