Bitcoin
Strategy Backs Market Structure Bill Following $8.22B Q2 Loss
Strategy endorsed a proposed digital asset regulation bill one day after disclosing an $8.32 billion write-down, arguing clearer rules could reduce its funding costs.
Strategy reported an $8.22 billion net loss in the second quarter following an $8.32 billion write-down, a stark reversal from a $32.60-per-share profit in the same period a year earlier. The company announced support for a market structure bill the day after releasing earnings on July 30.
The proposed legislation would place securities-like tokens under SEC oversight while assigning digital commodities to CFTC regulation. Strategy argued that this clearer jurisdictional framework could increase institutional participation and reduce funding costs.
The company has pursued aggressive capital raising this year, securing $17.06 billion through at-the-market equity programs and $7.53 billion in preferred share issuance. However, Strategy currently pays 12% on its preferred shares, which trade below their $100 stated value. According to the company's view, stronger institutional demand stemming from better regulation could lower borrowing costs below its current 10.8% hurdle rate.
Strategy's underlying investment case rests on the proposition that if funding costs fall below the yield from its Bitcoin holdings, the company could resume accretion on a per-share basis. The company's leadership has maintained that clearer regulation would encourage institutional adoption rather than restrict it, though whether lawmakers will adopt this position remains unsettled.
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