Strategy posted a $8.22 billion net loss in the second quarter due to a decline in bitcoin prices. Cointelegraph reported on Wednesday that most of the loss was $8.32 billion in unrealised losses on its bitcoin holdings.
Strategy sold about $218.4 million worth of bitcoin under a newly introduced bitcoin monetisation programme to raise funds for preferred stock dividends. Of that, $216.0 million was sold in early July, after the end of the second quarter.
As of July 26, Strategy held 843,775 bitcoins, up 25 percent from the start of the year. The company said it also built $3.75 billion in dollar reserves in preparation for preferred stock dividends and interest payments. The funds are enough to cover preferred stock dividends and interest obligations for more than two years.
Strategy recently repurchased $25.0 million worth of STRC preferred shares at a price below par value. It plans to keep buying while STRC trades below $100.
Strategy shares ended the regular session up 4.7 percent on the day, then slipped slightly in after-hours trading after the earnings release.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr