Strategy's Q2 Writedown Masks Larger mNAV Problem
Strategy, a company that holds Bitcoin, reported an $8.33 billion operating loss in Q2 2026 due to an $8.32 billion fair-value writedown on its digital assets.
The loss is largely a result of the fair value of Strategy's BTC holdings moving during the quarter, which was down by 14.09% according to CoinGlass data.
However, it's essential to note that Strategy still owns the coins behind the writedown and can benefit from a Bitcoin recovery above $75,476.
The company's position is roughly $9 billion below its purchase cost of $63.69 billion, but this figure represents a cumulative gap between what was paid for BTC across years of purchases and the current value of those coins.
Strategy carried $6.71 billion in outstanding convertible debt at quarter-end and had $1.71 billion in cash and equivalents plus $736.1 million in short-term investments, totaling roughly $2.45 billion.