Author: Azuma, Odaily Planet Daily
On July 31, Beijing time, Bitcoin Treasury Company Strategy officially announced its financial report for the second quarter of 2026 after the U.S. stock market closed.
The financial report shows that in the second quarter, Strategy achieved total revenue of 122 million USD, an increase of 6.9% year-on-year; however, affected by the fluctuations in Bitcoin prices, the company recorded a net loss of 8.22 billion USD, with the unrealized losses due to changes in the fair value of digital assets reaching 8.32 billion USD.
If viewed purely from a traditional financial report perspective, this is undoubtedly a poor report card, but for Strategy, the market had long anticipated a decline in the net asset value of reserve assets during the BTC downturn cycle. The more pressing question for investors is — after experiencing the most severe capital structure stress test since its establishment, can Strategy reprove the sustainability of its financing model?
Since May of this year, Strategy's most important financing tool STRC has gradually deviated from its target par value of 100 USD, hitting a low of 74.57 USD at one point, and after today's U.S. stock market close, it is currently reported at 89.5 USD, still not having returned to its anchor.
This financial report can be understood as the first detailed answer from Strategy since the onset of the STRC crisis. From the results, Strategy is still adhering to the Bitcoin strategy, but its capital model has undergone dramatic changes — transitioning from a relatively fixed pattern of continuous financing to stockpiling coins, to actively managing capital through cash reserves, preferred shares, common stocks, and BTC assets themselves.
BTC reserves are still growing, but the options are no longer just "buy"
In the second quarter, Strategy's overall BTC holdings continued to grow.
The financial report data shows that as of the end of the second quarter, Strategy held 843,775 BTC, an increase of about 11% from the previous quarter. The current value of the company's Bitcoin reserves is approximately 5.5 billion USD, with an average acquisition cost of about 75,000 USD per BTC. This indicates that, despite recording significant accounting losses due to BTC price fluctuations, Strategy is still committed to the core strategy of "Bitcoin Treasury".
Additionally, in the second quarter, the number of BTC per share (Bitcoin Per Share) for Strategy increased from 201,170 sats to 210,824 sats. From this metric, Strategy achieved positive asset accumulation in the second quarter.
However, it should be noted that since the launch of the "Digital Credit Capital Framework" aimed at solving the STRC anchoring issue at the end of the second quarter (June 29), Strategy's current BTC capital system has determined that there is no longer just the "buy" direction.
●Odaily Note: For details on the "Digital Credit Capital Framework", please refer to " Lightning Five Linked Whips! Strategy's Self-Rescue Plan Officially Released."
This financial report is the first systematic disclosure of the progress of the BTC "Monetization Program" (part of the "Digital Credit Capital Framework") — as of July 26, Strategy has sold approximately 218.4 million USD worth of BTC through this program.
This means that, for Strategy, BTC is transitioning from a purely long-term reserve asset to an actively managed tool on the balance sheet.
While Strategy continues to emphasize considering BTC as a core reserve asset, as the digital credit system continues to expand, Strategy is attempting to establish a more flexible capital structure — during favorable market conditions, expanding BTC reserves through securities issuance; under market pressure, liquidity management can be achieved through cash reserves, securities buybacks, and BTC monetization plans.
Current top priority: Repair STRC
During the investor conference call after the financial report was released, Strategy's management clearly stated: " Bringing STRC back to par value is the company's current core task."
In the face of STRC's continuing discount situation around 89.5 USD, Strategy's management explained several feasible pathways to bring STRC back into the par value range during the call.
Strategy founder Michael Saylor emphasized, that before STRC recovers to the target range, Strategy will not issue even one share of STRC at a discount to avoid harming the interests of existing investors. In other words, Strategy's current priority is not to continue stimulating financing but to first restore the market's trust in its digital credit system.
Regarding market speculation that the company may stimulate STRC buying expectations by continuously increasing the dividend rate, Strategy CEO Phong Le clarified that increasing the STRC interest rate is not an effective way to drive the price back to par value. The company plans to maintain the annual dividend rate at 12%. Compared to continuously increasing yield, Strategy currently prefers to restore market confidence by strengthening its cash safety net — as of July 26, Strategy's USD reserves have been increased to 3.75 billion USD, sufficient to cover over 2.1 years of preferred stock dividends and debt interest expenses.
In the previously mentioned "Digital Credit Capital Framework", Strategy disclosed a plan to repurchase up to 1 billion USD worth of digital credit securities, prioritizing the repurchase of STRC trading at a discount. To date, Strategy has repurchased about 28.9 million USD in nominal value of STRC, actually paying 25 million USD.
Saylor also emphasized that this repurchase plan still has 975 million USD in available quota, and if 975 million USD is still not enough to fill the gap, Strategy's total reserves of up to 58.5 billion USD can provide backup funding support.
Saylor provided a clear reference for the re-anchoring timeline during the call — when STRC was first listed, the company spent about 70 trading days to push it back to around par value from about 90 USD. Since STRC broke the anchored range of 99 USD on May 28, 40 trading days have passed until the financial report conference call, and the Strategy management is using the same 70 trading days as a repair cycle target, setting September 8 (the 70th trading day) as a key reference node for promoting STRC to return to its anchor.
Strategy shifts to proactive capital management
If previously, Strategy's capital flywheel logic could be summarized as "Issuing stocks/bonds financing ➡️ Buying coins ➡️ Driving net value and stock price increases ➡️ Continuing financing ➡️ Continuing to buy coins," then this quarter's financial report clearly announces the end of this one-way model, replaced by "dual-way proactive capital management."
In the conference call, Phong Le elaborated on this shift. The current Strategy is no longer just a one-sided "buyer," but has integrated the four core elements on its balance sheet — BTC, USD cash reserves, common stock (MSTR), and digital credit (STRC and other preferred stocks/convertible bonds) into a dynamic management matrix for multi-directional allocation:
●BTC has shifted from "one-way accumulation" to "flexible monetization": it can not only serve as underlying reserves but can also, if necessary, be monetized to strengthen USD reserves, pay preferred stock dividends, and even support funding for securities buybacks.
●Capital tools have shifted from "single issuance" to "dual-arbitrage and repurchase": when STRC or common stock is trading at a discount or undervalued, the company can initiate a repurchase plan of up to 1 billion USD each to capture gains from earnings per share of BTC (BPS); when a certain asset is trading at a premium, targeted issuance can be performed.
●Active optimization of debt structure: In the second quarter, Strategy repurchased 1.5 billion USD in convertible bonds at an 8% discount during the market pullback, reducing long-term debt from 8.2 billion USD to 6.7 billion USD, achieving a net debt reduction of 18%.
By flexibly allocating various assets, Strategy attempts to prove itself as more than just a passive ETF substitute that fluctuates with the price of coins, but as an operational company capable of self-adjustment and liability management utilizing capital market volatility.
Future test: STRC re-anchoring & BTC price
Overall, the second quarter financial report partially demonstrates Strategy's resilience to risks and ability to adjust its model, but whether this capital flywheel can regain acceleration ultimately depends on two major tests, one short-term and one long-term.
The short-term test is the repair outcome of STRC. Although the launch of the "Digital Credit Capital Framework" has somewhat alleviated STRC's discount, it has not yet fully re-anchored. As the cornerstone of the digital credit system, whether STRC can quickly return to the par value trading range will directly determine the market's trust in its credit expansion capability and is also a prerequisite for its flywheel to restart the issuance of financing.
The long-term test is the market trend of BTC. All of Strategy's capital arbitrage and liability management fundamentally rely on the long-term appreciation expectation of Bitcoin. Only when BTC emerges from its low period and returns to an upward channel can its growth logic be truly supported.
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