Strategy Posts $8.2 Billion Q2 Loss After $218 Million Bitcoin Sale for Dividends
Strategy reported an $8.2 billion net loss in Q2, swinging from a $10 billion profit last year. The company sold $218 million in bitcoin this year to fund preferred stock dividends and reduced convertible debt.
The company's quarterly loss marks a sharp reversal from the prior year's profit. Strategy did not disclose the full drivers of the swing but noted the impact of its bitcoin holdings and debt management.
Since the start of the year, the firm offloaded approximately $218 million worth of bitcoin. The proceeds were used to finance dividend payments on preferred shares, according to the earnings report.
CEO Phong Le said the company cut its convertible debt by 18% to $6.7 billion. Cash reserves in dollars grew 12% to $2.4 billion, providing additional liquidity.
Source: ForkLog