Strategy 8-K

Summary

Q2 2026 results, with no forward financial outlook. Revenue rose 6.9% Y/Y, but an $8.32B unrealized loss on bitcoin drove an $8.33B operating loss, versus $14.05B of unrealized gains and $14.0B of operating income a year earlier. The company reported 846,000 bitcoin at quarter-end; by 7/26/2026 it held 843,775.

Key Figures

• Bitcoin fair-value losses drove the operating loss; gross margin was 66.6%, down 220 bp Y/Y. The 846,000 bitcoin held at 6/30/2026 had a $63.9B original cost basis and $49.7B carrying value.
• Capital markets: $8.41B of gross ATM proceeds in Q2 ($2.95B from MSTR and $5.47B from STRC), plus $1.28B from MSTR ATM sales through 7/26. In May, Strategy repurchased $1.50B principal amount of 0% convertible notes due 2029 for ≈$1.38B cash, an ≈8% discount to par; principal outstanding fell from $8.21B to $6.71B.
• Cash and cash equivalents were $1.71B at 6/30, and short-term investments were $736M. The USD Reserve was $2.4B at quarter-end and $3.75B by 7/26, which the company says covers preferred dividends and interest for more than 2.1 years. Through 7/26, it had repurchased 288,930 STRC shares for $25.0M cash ($28.89M aggregate notional); the $1.0B STRC program had ≈$975M remaining. Its separate $1.0B MSTR repurchase program had no repurchases to date.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch whether STRC sustains healthy trading near its $100 stated amount; the company says its 12.00% dividend rate will remain in place until then.
• Bitcoin price movements will continue to be a major driver of GAAP earnings; the next period’s unrealized digital-asset gain or loss is a key metric to watch.