After $8.2B loss forced Bitcoin sales, Michael Saylor gives Strategy to September to repair broken dividend engine

Michael Saylor’s Strategy (formerly MicroStrategy) is targeting a September recovery for its STRC preferred stock as the company seeks to revive the financing channel behind its goal of doubling Bitcoin per MSTR share within seven years.The plan follows a second quarter that demonstrated Strategy’s growing exposure to Bitcoin’s price swings.The company reported an $8.22 billion second-quarter loss after earning $10.02 billion a year earlier. Almost all the reversal came from an $8.32 billion loss on its digital assets as Bitcoin ended June about 40% below its level at the end of last year’s second quarter.Strategy continued buying through the downturn. Its holdings increased 11% during the quarter to 846,000 BTC, while Bitcoin per diluted share rose 5% to 210,824 satoshis.Strategy's Key Bitcoin Metrics (Source: Strategy)The company subsequently reduced its holdings to 843,775 BTC after selling selected coins to meet preferred-stock obligations. Bitcoin per share also declined to 203,683 satoshis by July 26.Those sales remain small compared with Strategy’s acquisitions. The company bought 174,895 BTC and sold 3,620 BTC during the first seven months of 2026, meaning purchases exceede...