Strategy's Bitcoin Holdings Tank Again Amid Market Turmoil

Strategy Inc., a company behind the Bitcoin buying blueprint, has reported an $8.22 billion loss for the second quarter due to the declining value of its cryptocurrency holdings.

The loss is tied to the significant drop in the price of Bitcoin, which fell 14% during the recent quarter and was down over 45% at the end of June from a year earlier.

Michael Saylor, Strategy's investor, has implemented a sweeping overhaul of the financing model underpinning the company's strategy, sparking uncertainty among investors about what's next for the firm.