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Strategy faces $8.3 billion Bitcoin Q2 loss as Michael Saylor sells over $200M in BTC, testing the company's treasury model with a notable shift in its Bitcoin
Strategy reported an $8.32 billion quarterly loss on its digital asset holdings, with the company selling 3,588 Bitcoin for $216 million from June 29 to July 5 to fund preferred-stock dividends [1]. This move marks a significant shift for a company long associated with aggressive Bitcoin accumulation, raising questions about whether future cash needs will force more Bitcoin sales.
| At a glance | |
|---|---|
| Price | $100.77 |
| 24h % move | -1.35% |
| Key level | $95.34 support |
| Catalyst | $8.32 billion quarterly loss, $216 million Bitcoin sale |
The company's decision to sell Bitcoin to fund preferred-stock dividends has put new pressure on its corporate treasury model, which has been built on years of accumulation [2]. The sale of 3,588 Bitcoin for $216 million is the company's largest in years, and it has sparked concerns about whether the company will be forced to sell more Bitcoin in the future to meet its cash needs. The company's remaining Bitcoin holdings of 843,775 BTC were acquired for about $63.69 billion, or an average price of $75,476 per coin [1].
The company's Bitcoin sale has also raised questions about its valuation methodology, with some critics arguing that the company's use of par value rather than market value for its bonds and preferred shares overestimates the premium that the company's stock trades on Bitcoin [1]. The company's mNAV measure has faced scrutiny, and the recent Bitcoin sale has highlighted the need for clarification on the company's valuation methodology. The company's leverage and financing costs have also increased, undermining its Bitcoin accumulation model [1].
The company's decision to sell Bitcoin to fund preferred-stock dividends has significant implications for its treasury model and valuation methodology. As the company navigates its cash needs and Bitcoin strategy, investors will be watching closely to see how the company will balance its accumulation model with its financing costs and valuation methodology. The recent Bitcoin sale has sparked concerns about the company's ability to maintain its aggressive accumulation strategy, and the company's upcoming earnings report may provide more insight into its future plans.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 7, 2026 · How we report
They should file a claim in the bankruptcy case, call the restructuring hotline at (844) 339‑4117 or +1 332‑232‑7827, or email BitcoinDepotInfo@ra.kroll.com.
The company processed at least 2,341 individual transactions across 92 machines in Arkansas over the past year.
The company sold Bitcoin to fund preferred‑stock dividends and to replenish the portion of its dollar reserve used for those payments.
The sales contributed to an $8.32 billion second‑quarter loss on its digital‑asset holdings and an estimated $55 million loss relative to its average acquisition cost.
The remaining Bitcoin was acquired at an average price of $75,476 per coin, totaling about $63.69 billion.