Bitcoin treasury companies hold bitcoin on the corporate balance sheet, funded by equity, convertible debt and preferred stock, and 2026 has tested the model. Strategy (MSTR), the largest holder, reported 842,138 bitcoin as of August 2 with an aggregate cost of $63.51 billion, or $75,419 per coin, against a spot price near $63,000, and it recorded an $8.22 billion net loss in the second quarter on an unrealized loss of $8.3 billion [1][3][6]. Its shares closed August 14 at $93.04, down 38.8% for the year, with a peak-to-trough decline of 58% between May 11 and June 26 [6]. This note explains how the structure works, what the second-quarter filings show for Strategy, MARA Holdings (MARA) and Metaplanet, and where the risks sit, with data as of August 15, 2026.
How bitcoin treasury companies work
The model is simple in outline. A listed company raises capital, buys bitcoin, and holds it as its primary treasury asset. When the shares trade above the market value of the bitcoin per share (a premium to net asset value), issuing new shares and buying more bitcoin increases bitcoin per share for existing holders. Strategy calls this measure BTC Yield and reported a year-to-date figure of 4.5%, equal to a BTC Gain of 29,997 coins, as of July 26 [1]. The capital stack has grown beyond common stock: Strategy's second-quarter release lists $6.67 billion of long-term debt and 153.5 million preferred shares with a liquidation preference of $15.46 billion, across several series of perpetual preferred stock that pay fixed dividends [1].
Those fixed obligations are what turned a 2026 price decline into a balance sheet event. Preferred dividends and debt interest must be paid in dollars, so the company created a USD Reserve to cover them. That reserve stood at $2.55 billion on July 5, $3.75 billion on July 26 (about 2.1 years of coverage) and $4.0 billion on August 2 [1][2][3]. Funding it required selling either shares or bitcoin.
What the second-quarter filings show
Strategy: first sales since 2022
On June 29 Strategy announced a BTC Monetization Program under which it may sell bitcoin, including to raise up to $1.25 billion for the USD Reserve [2]. It sold 1,363 coins on June 29 and 30 at an average $59,256 and 2,225 coins from July 1 to 5 at an average $60,773, taking holdings from 846,000 at June 30 to 843,775 [2]. It sold a further 1,638 coins between July 27 and August 2 at an average $63,957, bringing holdings to 842,138 [3]. Every sale was below the $75,000 average cost. Over the same week it sold 3.0 million common shares for $290.6 million and directed $250 million of that to the USD Reserve [3].
The second-quarter income statement shows the accounting consequence of fair-value reporting. Revenue from the software business was $122.4 million; the unrealized loss on digital assets was $8.315 billion; the net loss was $8.22 billion, or $24.45 per diluted share, and the loss attributable to common stockholders after preferred dividends was $8.62 billion [1]. At July 26 the market value of the bitcoin, $54.77 billion, was $8.9 billion below its $63.69 billion cost [1].
| Company | Bitcoin held | As of | Reference price or cost |
|---|---|---|---|
| Strategy (MSTR) | 842,138 | August 2, 2026 | Average cost $75,419 [3] |
| Metaplanet (3350.T) | 43,000 | July 2, 2026 | Latest purchase about $60,465 per coin [5] |
| MARA Holdings (MARA) | 35,577 | June 30, 2026 | Valued at $58,524 per coin [4] |
MARA and Metaplanet: two other models
MARA is a miner that keeps most of its production. It held 35,577 bitcoin at June 30, of which 26,307 were unrestricted, 4,742 were loaned to third parties for yield and 4,528 were pledged as collateral [4]. It produced 2,422 bitcoin in the quarter and sold 2,213 coins in 2026 at an average $73,078 [4]. Second-quarter revenue was $174.9 million and the net loss was $611.3 million, or $1.60 per share, driven mainly by a $343 million unrealized mark-to-market loss [4]. Energized hashrate rose 22% to 70.3 EH/s [4]. Metaplanet, a Tokyo-listed company, bought 2,823 bitcoin for $170.7 million in the second quarter, about $60,465 per coin, taking holdings to 43,000 (about $2.6 billion) and making it the third-largest corporate holder [5].
Where the risks are
The 2026 data isolates four risks that were theoretical in 2024 and 2025:
- Fixed obligations against a volatile asset. Preferred dividends and interest are due whether bitcoin is at $90,000 or $58,000. Strategy's response, a USD Reserve funded by share and bitcoin sales, protects preferred holders but dilutes common holders [1][2][3].
- Premium compression. The model creates value for common shareholders only while the shares trade above net asset value. MSTR's 58% drawdown from May 11 to June 26, against a 28.7% bitcoin drawdown over the same weeks, shows the premium shrinking as the price fell [6].
- Forced or reflexive selling. When a large holder sells to raise cash, the market notices. Strategy's June sales were its first since 2022 and were cited by Deutsche Bank as a confidence shock in the same weeks bitcoin fell below $60,000 [2][6].
- Accounting volatility. Fair-value reporting turns price moves into reported losses. Strategy's $8.22 billion loss and MARA's $611.3 million loss were mostly unrealized, but they hit book equity and headlines all the same [1][4].
Leverage is the common thread. MSTR's realized volatility from December 31 to August 14 was about 82% annualized, against 47% for bitcoin over the comparable window, and its daily return correlation with bitcoin was about 0.82 [6]. Holding the stock has been equivalent to holding bitcoin with roughly 1.7 times leverage and a dividend bill attached.
A bitcoin treasury company is a leveraged bitcoin position with fixed dollar obligations, and 2026 showed what happens to that structure when the price falls 35%.
What investors may consider
The treasury model is a private-sector experiment in capital structure, and the market is pricing it in real time. At the August 15 spot price of about $63,024, Strategy's 842,138 coins were worth about $53.1 billion, roughly $10.4 billion below cost [3][6]. The company's stated plan is to keep the USD Reserve funded and to buy back preferred stock trading below par, which prioritizes the fixed-income holders [1]. For common shareholders the questions are whether bitcoin recovers above the $75,000 average cost and whether the premium to net asset value returns. For anyone comparing exposure, the spot ETF route offers bitcoin without the dividend obligations or the premium risk. Daily prices for MSTR, MARA and bitcoin are on DataPorium's stock market page and crypto market page.
Key takeaways
- Strategy held 842,138 bitcoin at an average cost of $75,419 as of August 2, 2026, after selling about 5,200 coins since June 29 to fund its USD Reserve [2][3].
- Strategy's second-quarter net loss was $8.22 billion on an $8.3 billion unrealized loss; MARA lost $611.3 million on a $343 million mark-to-market loss [1][4].
- MARA held 35,577 bitcoin and Metaplanet 43,000, the latter now the third-largest corporate holder [4][5].
- MSTR fell 58% from May 11 to June 26 and was down 38.8% for the year at $93.04 on August 14, with realized volatility near 82% [6].
- Fixed preferred dividends and debt interest are the main structural risk when bitcoin falls [1].
Frequently asked questions
How much bitcoin does Strategy (MSTR) own in 2026?
Strategy reported 842,138 bitcoin as of August 2, 2026, with an aggregate purchase price of $63.51 billion, or $75,419 per coin, according to its Form 8-K filed August 3, 2026.
Why did Strategy sell bitcoin in 2026?
To fund its USD Reserve, which covers preferred stock dividends and debt interest. Under a BTC Monetization Program announced June 29, 2026 it sold 1,363 coins in late June, 2,225 in early July and 1,638 in late July, all below its average cost.
What are the main risks of bitcoin treasury companies?
Fixed dollar obligations (preferred dividends and interest) against a volatile asset, compression of the share price premium to net asset value, forced selling to raise cash, and large reported losses under fair-value accounting.
Is MSTR stock more volatile than bitcoin?
Yes. From December 31, 2025 to August 14, 2026, MSTR's annualized realized volatility was about 82% versus about 47% for bitcoin, and it fell 58% peak to trough between May 11 and June 26.
Sources & References
- [1] SEC EDGAR: Strategy Inc, Q2 2026 results press release (Exhibit 99.1 to Form 8-K, July 30, 2026)
- [2] SEC EDGAR: Strategy Inc, Form 8-K dated July 6, 2026 (bitcoin sales and BTC Monetization Program)
- [3] SEC EDGAR: Strategy Inc, Form 8-K dated August 3, 2026 (holdings and ATM sales)
- [4] SEC EDGAR: MARA Holdings, Q2 2026 shareholder letter (Form 8-K exhibit)
- [5] CoinDesk: Metaplanet buys another $170 million of bitcoin, expanding treasury to 43,000 BTC (July 2, 2026)
- [6] DataPorium Stock Market Data (MSTR daily prices) and Crypto Market Data (BTC-USD)
