Bitcoin
Strategy Records $8.22bn Unrealized Loss on Bitcoin Holdings in Q2
Michael Saylor's firm reported a substantial paper loss during the second quarter as Bitcoin declined, though the company expanded its cryptocurrency position and grew cash reserves.
Strategy posted an $8.22 billion unrealized loss in the second quarter stemming from a decline in Bitcoin's price during the period, according to the company. The loss was driven by an $8.32 billion hit on its Bitcoin holdings, which the firm expanded to 843,775 BTC by late July at an average acquisition cost near $75,476 per coin.
Despite the unrealized losses, Strategy improved its financial position in other areas. The firm accumulated a $3.75 billion cash reserve sufficient to cover more than two years of dividend and interest payments. It also sold roughly $218.4 million worth of Bitcoin under a new monetization plan to fund preferred stock dividends, and repurchased 288,930 preferred shares worth about $25 million at an average price of $86.53 per share.
Operational performance remained resilient amid market challenges. Revenue climbed 6.9% year over year to $122.4 million, while gross profit reached $81.6 million, representing a 66.6% gross margin compared to $78.7 million in the same period last year.
Michael Saylor said the firm is working to establish Digital Credit as a new asset class and aims to return the preferred shares to health with stable demand and low-volatility trading near par value, describing this as the best path to long-term shareholder value creation.
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