Strategy posts an $8.2 billion loss, but Bitcoin is still the only number investors care about

Strategy Inc. (Nasdaq: MSTR) reported an $8.22 billion net loss for the second quarter, but Bitcoin remains the number investors watch.

As of July 26, Strategy managed 843,775 BTC, but executives rounded to 846,000 BTC while citing quarterly growth. The coins have a cost basis of $63.69 billion and a market worth of $54.77 billion at Bitcoin’s price of $64,915 on July 27.

The company’s average cost was about $75,476 per coin. Holdings grew 11% during the quarter, while Bitcoin Per Share rose 5%. Year-to-date BTC Yield reached 4.5%, BTC Gain totaled 29,997 coins, and BTC Dollar Gain reached $1.95 billion.

Strategy takes the Bitcoin loss while the software unit keeps producing revenue

Strategy posted an $8.33 billion operating loss, against $14.03 billion in operating income one year earlier. An $8.32 billion unrealized digital-asset loss caused nearly all of that result. The same assets produced a $14.05 billion unrealized gain during the second quarter of 2025.

The amount of loss attributable to common shareholders stood at $8.62 billion after deduction of $400.7 million in preferred dividends. In the previous year, the common shareholders had earned $9.97 billion in profits after paying $49.1 million in preferred dividends. The diluted loss per share was at $24.45, while diluted earnings were at $32.60 in the previous year.

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