Strategy Swings to Loss as Bitcoin Price Declines

By Nicholas G. MillerStrategy reported a second-quarter loss, citing a "meaningful bitcoin price decline" and "muted bitcoin sentiment and market skepticism."The bitcoin treasury company swung to a loss of $8.22 billion, or $24.45 a share, from a profit of $10.02 billion, or $32.60 a share, the year prior. Analysts polled by FactSet expected a loss of $2.19 a share.Revenue rose to $122.4 million from $114.5 million. Wall Street expected $122.9 million.The company said it grew its bitcoin holdings by 11% to 846,000 bitcoin and reduced its convertible debt by 18% to $6.7 billion.Write to Nicholas G. Miller at [email protected].