New York, July 9, 2026, 11:22 EDT
- Strategy sold 3,588 bitcoin, raising around $216 million from June 29 to July 5. The proceeds went to preferred-share distributions and its dollar reserve.
- The company reported a $8.32 billion digital-asset loss for the second quarter, most of it unrealized. The loss was mainly from lower bitcoin prices.
- Strategy traded up mid-morning in the U.S. Bitcoin gained too.
Strategy Inc stock ticked up Thursday. The bitcoin-treasury firm posted a $8.32 billion Q2 loss tied to digital assets and said it sold more bitcoin this quarter than at any point since it started buying in 2020.
Strategy, seen by a lot of investors as just a big bitcoin holder, is now tapping some of its coins to raise cash. The company sold bitcoin for less than what it paid on average, and used the money to pay out its preferred shareholders and boost its dollar reserves.
Strategy offloaded 1,363 bitcoin between June 29 and June 30 at an average price of $59,256, then sold another 2,225 bitcoins from July 1 to July 5 at an average $60,773 each, according to a Securities and Exchange Commission filing. The company still held 843,775 bitcoin on July 5, purchased at an average price of $75,476, the filing said.
| Strategy bitcoin update | Amount | Average price | What it means |
|---|---|---|---|
| Sold June 29-30 | 1,363 BTC | $59,256 | Price was under firm’s average |
| Sold July 1-5 | 2,225 BTC | $60,773 | Money used for preferred and reserves |
| Total sold so far | 3,588 BTC | around $60,201 | Brought in about $216 million |
| Bitcoin held as of July 5 | 843,775 BTC | $75,476 cost | Still above 4% of total bitcoin supply |
The company posted a second-quarter loss, with $8.31 billion listed as unrealized loss and $0.9 million as realized loss, according to the filing. The unrealized loss comes from mark-to-market changes that haven’t been crystallized by a sale, while the realized loss reflects assets that have been sold. Strategy reported its cost basis for bitcoin was higher than its fair value at the end of the quarter. It also said KPMG hadn’t audited or reviewed this preliminary update.
Strategy traded at $95.39 on the Nasdaq around 11:06 a.m. EDT, up $1.52 from the last close. Bitcoin was at $62,975. Shares of Coinbase and MARA moved higher, too.
| Market snapshot | Last price | Move | Why it matters here |
|---|---|---|---|
| Strategy, MSTR | $95.39 | +$1.52 | Stock trade tied to Strategy’s bitcoin holdings |
| Bitcoin | $62,975 | +$1,368 | The key impact on Strategy’s asset values |
| Coinbase | $160.62 | +$1.26 | Peer crypto exchange tracked for sentiment shifts |
| MARA | $14.34 | +$2.32 | Peer bitcoin miner often moves with coins |
Strategy rolled out a new capital plan on June 29 that will let it sell bitcoin to support its U.S. dollar reserve, cover preferred dividends, interest expenses and buybacks. The board also cleared up to $1 billion apiece for digital-credit securities and class A stock repurchases. Executive Chairman Michael Saylor said bitcoin remains the company’s main treasury play, but managing digital credit calls for “liquidity, discipline and active capital management.” CFO Andrew Kang put it simply: “Bitcoin is capital.” Strategy
Strategy said Thursday it will report full second-quarter earnings after U.S. markets shut on July 30, and will hold a 5 p.m. EDT webinar right after. Investors now have about three weeks to see if the sale last quarter was a one-off move or the sign of more steady selling.
The scale of Strategy’s holding is a sticking point. Mike Belshe, CEO of BitGo, told The Block that “single-digit percentages” of the bitcoin supply make sense for any large holder and said the market should price in concentration risk. Strategy holds 843,775 bitcoin, close to 4% of the 21 million supply cap. The Block
| Large public bitcoin holders | BTC held | Relative scale |
|---|---|---|
| Strategy | 843,775 | Much bigger than any other treasury listed |
| Twenty One | 43,514 | Roughly 5% the size of Strategy |
| Metaplanet | 43,000 | Close to Twenty One’s size |
| MARA | 36,303 | Public miner with a treasury position |
| Bitcoin Standard Treasury Company | 30,021 | Smaller treasury player |
The risk is bitcoin could trade under Strategy’s average buy price for a long stretch, which would put pressure on the company’s share premium, its preferred market, and its ability to pay dividends without having to sell more coins. That wouldn’t trigger an automatic liquidation, but it could mean Strategy shifts from just piling up bitcoin to having to manage the bitcoin on its books more actively.
The company still holds more than it sells for now. But the talk around MSTR is shifting. Investors aren’t just watching how much bitcoin Strategy picks up. Now the questions are turning to what it might have to sell, and at what level.
