The company said the quarter marked a sharp reversal from a $14.05 billion unrealized gain in Q2 2025 as the value of its BTC holdings moved lower.
Strategy reported an $8.32 billion unrealized loss on its Bitcoin holdings in Q2 2026, a reversal from the $14.05 billion unrealized gain it recorded in Q2 2025. The update points to a significant swing in the paper value of the company’s BTC treasury as Bitcoin prices changed over the period. Unrealized gains and losses reflect changes in the market value of assets that have not been sold, meaning the figure captures valuation movement rather than a realized trading outcome.