Strategy Suffers Record-Setting $8.22B Loss on Bitcoin Price Decline

Strategy, the corporate Bitcoin treasury company formerly known as MicroStrategy, reported a net loss of $8.22 billion for the second quarter of 2025, reversing sharply from net income of $10.02 billion in the same period a year earlier.

The company attributed the swing largely to $8.32 billion in unrealized markdowns on its digital asset holdings, primarily Bitcoin. Strategy posted an operating loss of $8.33 billion for the quarter, reflecting the impact of a broad decline in cryptocurrency prices during the period.

As of July 26, the company held 843,775 BTC, making it the largest publicly traded corporate holder of the digital asset. The fair value of those holdings fell significantly during Q2 as Bitcoin traded in a lower range, triggering the substantial non-cash impairment charge under current accounting rules.