Strategy Suffers $8.23 Billion Loss as Coinbase Revenue Falls

Leading Bitcoin treasury company Strategy reported an $8.23 billion loss in its operations for the second quarter, despite increasing its BTC holdings by 846 units.

The quarterly loss was largely due to a net loss of $8.22 billion, caused by Bitcoin's dull price performance this year, compared to a $10 billion income in the same period last year.

Strategy's CEO Phong Le stated that the company aims for its shares to trade between $99 and $100, and if it falls below that range, they intend to repurchase shares in a regular and disciplined manner.

In contrast, Coinbase, the largest crypto exchange by volume in the U.S., reported a 19% annual revenue decline, with its trading volumes going down 24% to slightly above $145 billion.