Strategy Inc — Form 8-K/A
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K/A
— Neutral
significance 32/100
What the filing says
As of July 26, 2026, Strategy Inc held 843,775 bitcoins (valued at $54.77B at $64,915/BTC, cost basis $63.69B), up 25% YTD 2026. The company raised $17.06B YTD through ATM offerings ($8.41B in Q2 alone from MSTR $2.95B and STRC $5.47B), repurchased $1.5B convertible notes due 2029 at 8% discount (reducing debt to $6.71B), and established a $3.75B USD Reserve covering 2.1 years of preferred dividends. Q2 saw operating loss of $8.33B (unrealized loss on digital assets $8.32B), net loss of $8.22B ($24.45/share diluted), though core business revenues grew 6.9% YoY to $122.4M with 66.6% gross margin.
Why this rating
Substantial BTC holdings and capital raises are strategy-execution, not business-changing. Q2 loss is unrealized mark-to-market; core software revenue modest relative to $105.5B market cap.
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