Unrealized losses on Bitcoin holdings drove the software firm to a record quarterly net loss of $8.22 billion.
MicroStrategy (NASDAQ:MSTR) reported a second-quarter net loss of $8.22 billion, or $24.45 per share, compared with net income of $10.02 billion, or $32.60 per share, a year earlier. The loss stemmed from an $8.32 billion unrealized loss on its Bitcoin holdings as prices declined during the quarter.
Revenue rose 6.9% to $122.4 million but missed estimates of $122.9 million. Operating loss totaled $8.33 billion, versus operating income of $14.03 billion in the prior-year period, when the company recorded large unrealized gains on Bitcoin.
Shares fell 7% in pre-market trading. MicroStrategy highlighted growth in Bitcoin holdings, now at 843,775 BTC, up 25% year to date, and a 4.5% Bitcoin yield for 2026.