Strategy books an $8.3B Bitcoin markdown in its first post-never-sell quarter @Strategy reported a Q2 loss on digital assets of $8.32B, nearly all unrealized fair-value marks, with its 843,775 $BTC carried at $49.67B, well below a ~$75.5K average cost basis with Bitcoin trading near $64K. The quarter marks the formal end of the never-sell era: the firm sold 3,588 BTC as part of its new capital management framework and built a $3.75B dollar reserve covering roughly two years of preferred dividends, betting it can defend the balance sheet without breaking the treasury thesis.

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