Strategy Books $8.22 Billion Quarterly Loss as Bitcoin Falls Below Its Cost Basis

The company says it now holds a $3.75 billion cash reserve, enough for more than two years of preferred dividends, after investors questioned its funding model.

Strategy, the largest corporate holder of bitcoin, reported a second-quarter loss of $8.22 billion, driven almost entirely by an $8.32 billion unrealized markdown on its bitcoin under fair-value accounting rules. The company held 843,775 bi…