Strategy Reports Wider Than Expected Q2 Loss as Bitcoin Price Slides
Strategy reported an $8. 22 billion second-quarter net loss, driven primarily by an $8. 32 billion unrealized loss on its Bitcoin holdings as the cryptocurrency’s price declined during the quarter. As of July. . .
Strategy reported an $8. 22 billion second-quarter net loss, driven primarily by an $8. 32 billion unrealized loss on its Bitcoin holdings as the cryptocurrency’s price declined during the quarter. As of July 26, Strategy held 843,775 Bitcoin (BTC), up 25% from the beginning of the year. The company also disclosed that it had sold approximately $218. 4 million worth of Bitcoin under its newly established BTC monetization program to help fund a portion of its preferred stock dividend obligations. Most of those sales ($216 million) occurred in early July after the second quarter ended. Strategy also said it has built a $3. 75 billion U. S. dollar reserve, enough to cover more than two years of preferred dividend payments and interest obligations. The company recently repurchased $25 million of its STRC preferred shares at a discount to par and said it intends to continue buying the securities while they trade below $100. Bitcoin fell about 14% during the second quarter, from around $68,000 at the start of April to about $58,600 by the end of June, according to CoinGeckodata. On Thursday afternoon, it was trading around $64,700. Strategy (MSTR) shares finished the regular trading session on Thursday up 4. 7% before slipping modestly in after-hours trading following the earnings report, per Yahoo Financedata. Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’sEditorial Policyand aims to provide accurate and timely information. Readers are encouraged to verify information independently.