Strategy and Coinbase reported second-quarter earnings within hours of each other on July 30. Strategy’s loss ran into the billions, almost entirely a paper markdown on bitcoin it has no plans to sell. Coinbase’s loss was smaller and came with a record trading-volume market share attached. Both stocks fell anyway.
Strategy Posts an $8.22 Billion Net Loss, Then Starts Buying Back Its Own Preferred Stock
Strategy Inc. (Nasdaq: MSTR) reported second-quarter results on July 30 showing a net loss of $8.22 billion, or $24.45 per diluted share, against a $3.07 per share consensus estimate. Revenue came in at $122.4 million, just under the $125.4 million analysts expected. The loss traces almost entirely to an $8.32 billion unrealized markdown on the company’s bitcoin holdings as the price declined through the quarter, a paper loss rather than a realized one.
The balance sheet moved the other direction. Strategy grew its bitcoin holdings 11 percent to 846,000 BTC during the quarter, ending at 843,775 after subsequent sales, cut convertible debt 18 percent to $6.7 billion through a negotiated repurchase, and grew its USD Reserve 12 percent to $2.4 billion, later reporting it had climbed further to $3.75 billion as of July 26. In its own words: “Our objective is for STRC to trade over time at $99 to $100. If STRC trades below $100, we intend to repurchase STRC shares in a regular and disciplined manner.” The company backed that statement with action: a separate press release the same week disclosed it had already repurchased 288,930 STRC shares between July 20 and July 26 for about $25 million, a 13.5 percent discount to the $100 stated value, with roughly $975 million remaining under the program. A separate $1 billion MSTR common stock buyback authorization has gone unused so far; management says it will activate that one only if the stock trades at a sustained discount to net bitcoin per share, which has not happened this year. MSTR closed little changed on the earnings news itself. Filings on SEC EDGAR.
Coinbase Posts a Wider Loss but a Record Market Share, and Says It’s No Longer Just a Bitcoin Bet
Coinbase Global Inc. (Nasdaq: COIN) reported Q2 revenue of $1.2 billion, a 14 percent sequential decline, with a net loss of $359.5 million and earnings per share of negative $1.36 against a negative $0.42 consensus. The miss came against a market backdrop where bitcoin fell roughly 14 percent and ether roughly 25 percent through the quarter, and where industry-wide spot trading volume declined for a third straight quarter.
The company’s own numbers tell a second story running underneath the miss. Crypto trading volume market share hit an all-time high of 10.3 percent, up from 9.1 percent in Q1, marking a third consecutive quarter of gains in both spot and derivatives. Prediction markets revenue grew 106 percent quarter over quarter, crossing $100 million in annualized run rate. Average USDC held in Coinbase products reached an all-time high of $20 billion, more than 30 percent of all USDC in circulation. Non-bitcoin-spot-trading revenue now makes up 88 percent of net revenue. Coinbase also repurchased more than 10.1 million Class A shares during the quarter, returning over $2 billion to shareholders with roughly $2 billion in buyback authorization still remaining. Reporting via TechTimes.
STRC’s Climb Back to Par, Strategy’s Unused MSTR Buyback, and Coinbase’s Diversification Push to Watch
STRC price action: Strategy is now a confirmed, active buyer below $100 par. Whether that repurchase pace accelerates or the discount persists is now directly observable in the company’s next disclosure.
Strategy’s MSTR buyback trigger: the $1 billion common stock authorization stays dormant until shares trade at a sustained discount to net bitcoin per share. That threshold, not a calendar date, is the next thing to watch.
Coinbase’s non-trading mix: prediction markets, USDC balances, and derivatives share are all growing while spot trading softens industry-wide. Whether that mix keeps expanding through Q3 will determine if Thursday’s stock reaction over-punished the miss.
Sources
- Strategy: Strategy Announces Second Quarter 2026 Financial Results, July 30, 2026
- Strategy / BusinessWire: Strategy Initiates STRC Repurchases and Announces Ongoing Buyback Policy, July 27, 2026
- SEC EDGAR: Strategy Inc. Form 8-K, filed July 13, 2026
- Coinbase: Coinbase Q2 Earnings Press Release, July 30, 2026
- TechTimes: Coinbase Q2 Revenue Miss Widens to $70M as Subscription Segment Also Falls Short, July 30, 2026
Editorial Disclosure
This roundup is based entirely on publicly available information including company press releases, SEC filings, and financial news reporting. Securities and entities discussed include Strategy Inc. (Nasdaq: MSTR) and Coinbase Global Inc. (Nasdaq: COIN). aktiego.com has not received any compensation from any company, IR firm, or third party mentioned. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. Strategy’s Q2 2026 financial results, STRC repurchase activity, and management’s stated capital-allocation objectives are sourced directly to the company’s own July 27 and July 30, 2026 press releases. Coinbase’s Q2 2026 financial results, market share figures, and product metrics are sourced directly to the company’s own July 30, 2026 earnings release. Both companies’ GAAP net losses and per-share figures reflect reported results as of publication and are subject to any subsequent restatement. Digital assets and crypto-linked equities carry significant investment risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
