STRATEGY Q2 RESULTS: 🟠 $17B RAISED, NEW BITCOIN CREDIT METRICS, $218M BTC SOLD

Strategy raised $17.06 billion through its capital programs in 2026, including $7.53 billion from STRC, and increased its holdings to 843,775 BTC.

The company built a $3.75 billion USD Reserve, enough to cover preferred dividends and interest payments for more than 2.1 years.

It repurchased $1.5 billion of convertible notes at an 8% discount, bought back STRC below par, and sold $218.4 million of bitcoin to help fund preferred dividends.

Future bitcoin sales may also replenish the reserve and finance share repurchases.

The report also introduces two new metrics.

BTC Hurdle ARR, currently 10.8%, represents Strategy’s effective cost of credit. CFO Andrew Kang said that when Bitcoin’s annual return exceeds that hurdle, Net Bitcoin Per Share grows faster than bitcoin itself.

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