Market focuses on non-cash accounting loss tied to Bitcoin valuation, not operational failure, driving stock higher.
Strategy posted an $8.22 billion net loss for Q2, with a diluted loss per share of $24.45, missing analyst estimates of $2.19 by a wide margin. The loss was driven by an $8.33 billion operating loss, nearly all of which was a non-cash accounting entry under FASB fair-value rules due to a decline in Bitcoin prices during the quarter.
The company holds 843,775 Bitcoin, acquired for approximately $63.6 billion at an average price of $75,476 per coin. At a current Bitcoin price near $64,000, the position reflects an unrealized loss of about $9.7 billion, though no Bitcoin was sold to cover the loss. Strategy’s shares previously hit an all-time high of $543 in November 2025.
Shares closed at $97.74 on July 30, 2026, up 4.41 percent, as investors dismissed the paper loss and focused on the underlying asset value.