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Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 9 a.m. ET Vice President, Shareholder Relations - Timothy Hayes President and Chief Executive Officer - Nick Pell Chief Investment Officer - Mike Forman Chief Financial Officer - Tony Marone Executive Vice President of Strategy - Andrew Winchell Operator: Good day, and welcome to the Blackstone Digital Infrastructure Trust Second Quarter 2026 Investor Call. Today's conference is being recorded. [Operator Instructions] At this time, I'd like to turn the conference over to Tim Hayes, Vice President, Shareholder Relations. Please go ahead. Timothy Hayes: Good morning, and welcome, everyone, to Blackstone Digital Infrastructure Trust Second Quarter 2026 Earnings Conference Call. I'm joined today by Nick Pell, President and Chief Executive Officer; Mike Forman, Chief Investment Officer; Tony Marone, Chief Financial Officer; and Andrew Winchell, Executive Vice President of Strategy. This morning, we filed our 10-Q and issued a press release summarizing our results, which are available on our website and have been filed with the SEC. I would like to remind everyone that today's call will include forward-looking statements, which are subject to risks, uncertainties and other factors outside of the company's control. Actual results may differ materially. For a discussion of some of the risks that could affect results, please see the Risk Factors section within our prospectus dated May 13, 2026, which is accessible on the SEC's website at www.sec.gov. We do not undertake any duty to update forward-looking statements. We will also refer to certain non-GAAP measures on this call. And for reconciliations, you should refer to the press release and 10-Q. This audio cast is copyrighted material of Blackstone Digital Infrastructure Trust and may not be duplicated without our consent. For the second quarter, we reported GAAP net income of $0.14 per share, while funds from operations, or FFO, was $0.07 per share and adjusted FFO, or AFFO, was $0.08 per share. As a reminder, we completed our initial public offering in May 2026 and had no real estate operations during the quarter ended June 30, 2026, as the net proceeds of the offering were invested in cash and cash equivalents. Therefore, we do not believe 2Q results are indicative of the operating performance we expect to achieve upon deployment of our capital into target assets. With that, I will now turn the call over to Nick. Nicholas Pell: Thanks, Tim, and welcome, everyone, to Blackstone Digital Infrastructure Trust inaugural Earnings Conference Call. We are thrilled to have recently completed our IPO in May, listed on the New York Stock Exchange under the ticker BXDC and successfully raising $2 billion of gross proceeds, the largest blind pool REIT IPO in history. We are grateful for the support of our investors who participated in the offering and look forward to the continued partnership as we deploy our capital and seek to capture highly compelling risk-adjusted returns in the stabilized data center market. The opportunity set in front of us is massive with a total addressable market for our business expected to eclipse $1 trillion over the next several years, and yet we believe we are still in the early innings of long-term capital formation in the sector. With strong underlying fundamentals and limited scale buyers in the market dedicated to the strategy today, we view this acquisition environment to be one of the best we have seen and expect it to become even more fruitful as the newly delivered assets come online in the next several years with the sector anticipated to double in size. And we also view recent debt capital markets volatility as a potential catalyst for new deal flow. We believe BXDC is uniquely positioned to capitalize on this generational opportunity, benefiting greatly from Blackstone's data relationships and experience as the largest investor in data centers and digital infrastructure globally. For those newer to our story, BXDC is a REIT focused on acquiring stabilized mission-critical data centers that power the modern digital economy. Across Blackstone, we have seen firsthand that the convergence of AI, cloud computing and the broader digitalization of our economy are driving unprecedented demand for compute with data centers serving as the backbone of this revolution. Even as demand accelerates, it is becoming increasingly difficult to build data centers across the U.S. Power, labor, zoning, supply chains and other factors have all become real constraints, and we expect many of these pressures to persist over time. To contextualize these supply and demand dynamics, vacancy in U.S. data center markets continues to trend lower and reached an all-time low of approximately 1% in Q1. And in our target markets, vacancy is essentially nonexistent at just 0.4% today. With limited availability, rent growth has accelerated, increasing by more than 100% from 2021 levels in the U.S. We believe these robust market fundamentals will bolster performance and long-term demand for our target assets. As one of the largest private capital providers in the AI ecosystem, Blackstone has a bird's-eye view of the entire digital infrastructure landscape. This perspective provided clear line of sight into the rapid evolution of the stabilized hyperscaler data center marketplace, which we translated into BXDC's dedicated strategy designed to generate attractive and predictable cash flow and with embedded growth drivers supporting strong risk-adjusted returns. And our strategy is simple: acquire recently built high-quality income-producing data centers located in Tier 1 markets with long-term leases to top investment-grade hyperscalers, no development risk, no power or entitlement risk and powerful downside protection with assets fully leased at the time of acquisition to some of the most creditworthy tenants in the world. We have a robust pipeline of attractive investments that fit these parameters and are actively engaged with a number of third parties to acquire our first assets while also planting seeds for future growth opportunities. We are confident in the near-term prospects for capital deployment. We also have increasing visibility over the long term given the accelerating hyperscaler CapEx spend, which is expected to exceed $800 billion this year, just from the top 5 alone, nearly double last year and a fraction of the $3 trillion we expect to see over the next 5 years. We expect that the significant capital requirements to build out this infrastructure could create additional compelling opportunities to work strategically with the hyperscalers themselves. We remain confident in our ability to deploy capital at attractive yields with close to $30 billion of recent comparable transactions in the market pricing at the low to mid-6 cap rates. Consistent with our buy box and the pipeline opportunities we see, cash flow yields and annual rent escalators set up powerful flywheel for growth and position BXDC to capitalize on attractive opportunities. We view our growth potential at highly compelling relative value in today's market, given the long-duration cash flow profile, strong tenant creditworthiness behind our leases and the robust demand drivers supporting long-term market fundamentals. The public markets are starting to recognize the opportunity in the sector. Our data center REIT peers are up approximately 30% year-to-date and trade at implied cap rates well inside where we believe we can acquire assets in the private markets, a supportive backdrop for accretive acquisitions. Looking forward, we could not be more excited about the investment opportunity in front of us. The size of the market and our ability to deploy capital at scale provide a clear road map for growth in our portfolio and earnings power. Thank you again for your time and interest in BXDC. I will now pass it over to Tony to discuss our financial results for the quarter. Anthony Marone: Thank you, Nick, and good morning, everyone. As Nick mentioned, we completed our IPO in May 2026, raising $2 billion of gross proceeds as a blind pool REIT. When we initially formed BXDC, we determined that establishing this vehicle as a publicly traded company with perpetual capital and access to the public debt and equity markets was paramount given the scale of the stabilized data center opportunity. We also elected to IPO as a blind pool, prioritizing speed to market and positioning BXDC as a first mover for stabilized data centers in the public REIT sector. We believe this also establishes BXDC as a clear capital solutions provider to data center developers and owners looking to unlock liquidity in their assets and reinvest in projects that better align with their higher cost of capital. Looking at our second quarter results, we reported GAAP net income of $0.14 per share, FFO of $0.07 per share and AFFO of $0.08 per share. As a reminder, we had no real estate operations during the quarter and do not believe our second quarter results are indicative of our near-term or long-term earnings power as we begin executing our business plan and deploying capital to our target assets. These earnings metrics reflect the revenues and expenses incurred between the closing of the IPO through June 30 or roughly 1/2 of the calendar quarter, but they differ materially in terms of the share count used to calculate each metric. Our net income per share is based on a weighted average share count of 50 million shares, which is in accordance with GAAP and includes the period prior to the completion of our IPO, during which we effectively have no shares outstanding. Our non-GAAP metrics of FFO and AFFO per share are based on an adjusted share count of 99 million shares that only reflects the period following the closing of our IPO at quarter end. We believe this adjusted share count better reflects the economic experience of our investors. Following our IPO, our net cash proceeds generated $9.3 million of interest income during the quarter. We also incurred $800,000 of interest expense, reflecting fees associated with our revolving credit facility and $1.4 million of G&A expenses, including $535,000 of costs associated with the IPO and formation of our business. Such organizational costs are the primary adjustment between FFO and AFFO this quarter. Turning to our corporate structure. We are an externally advised REIT managed by Blackstone. We benefit greatly from our integration across Blackstone's global real estate and infrastructure platform, which we believe is a strong competitive advantage, providing BXDC with real-time proprietary insights into market dynamics, tenant demand, lease structures, transaction flow and more. And Blackstone is highly aligned with BXDC shareholders with 11% of BXDC shares owned by Blackstone and its employees. We believe stockholder alignment is critical and thoughtfully constructed our management agreement that 100% of management and incentive fees are tied to BXDC's stock performance. Our management fees are also tiered, starting at 1% of market cap today, but stepping down as we scale and allowing BXDC stockholders to benefit from future operating efficiencies. And our incentive fee, 25 basis points on our market cap, is only payable if the stock is above the IPO price and achieved an 8% annualized total return for the quarter, a good outcome for our stockholders. And as a reminder, 100% of base and incentive management fees have been waived for the 6 months following our IPO to roughly align with our expected time line to deploy the proceeds from our offer. And lastly, on our balance sheet, we ended the quarter with total assets of $2 billion, effectively all cash and cash equivalents. We currently have no debt on our balance sheet, but expect to target 40% leverage over time as we prudently access asset-level and corporate debt to finance new investments. We believe this balance sheet management aligns with our strategy of investing in new stabilized assets with long-duration cash flows backed by a select group of high-quality tenants. And with $1 billion of unused capacity on our revolving credit facility, we have ample flexibility and dry powder to capitalize on our robust investment pipeline today. Thank you again for joining our call. I will now ask the operator to open the call to questions. Operator: [Operator Instructions] We will take our first question from Brendan Lynch with Barclays. Brendan Lynch: Maybe just one on NIMBYism to start. It seems like we're -- it's kind of increasingly becoming a consideration. And I'm curious on how this is changing the dynamics in the transaction market. Conceivably, would-be sellers might hold out or hold on to assets a bit longer knowing that it might be difficult to recycle the proceeds into their next development project. So I'm wondering how you're seeing that dynamic play out. Mike Forman: Yes. Thanks so much, Brendan. It's a really good question. So I will say you're spot-on. There is growing NIMBYism and just, sort of, pushback around new development. That being said, there is still an enormous amount of development that's taking place in the market. I think the crux of that story is there would be even more development than there is if that weren't the case, but there's quite a bit of development happening regardless. And as a result, the motivation for people to sell assets, recycle into development is very much there. Maybe it could be even more. But just for context, like, leasing this year in the United States will probably be north of 20 gigawatts versus 13 gigawatts last year, which was more than double the prior year. The amount of supply is pretty dramatic and the capital requirements to actually go build these projects is going up pretty materially, everything from the land purchase price, the power commitments that you need to make, the actual cost to build. So I think the story around why groups want to recycle capital is very much intact. Brendan Lynch: Okay. Great. That's helpful. And maybe just to get your thoughts on Meta. They've been one of the largest consumers of data center infrastructure over the past 5 years and still have very ambitious plans to scale. But how do you guys think about the potential for Meta to lease compute capacity to Anthropic? And what it implies about the supply-demand balance of compute capacity within hyperscalers' portfolios? Mike Forman: Yes. Good question. Look, I would say, as these groups continue to build out more and more compute capacity, they're finding various ways to monetize it. It could be through their existing businesses, it could be through new businesses. I think the most important thing going on here is the world has run out of compute. The large hyperscalers have the largest balance sheets in the world. They're building out significantly more compute. There's lots of ways they'll be able to monetize that. Operator: We'll take our next question from Aryeh Klein with BMO Capital Markets. Aryeh Klein: You talked a little bit about, obviously, the broad opportunity that's out there. Just curious on the competitive backdrop for these deals. What are you seeing? Are you seeing more bidders, kind of, compete for acquisitions? And then directionally, just curious what you've been seeing on pricing? Nicholas Pell: Yes. So thanks for the question. I think we mentioned there have been $30 billion of transactions year-to-date. So there are deals getting done. That said, the opportunity set is massive, as I think we referenced in our remarks. And with the sector expected to double, there's just a lot to consider in the opportunity set. So there is -- there are groups out there looking at deals, but I think we feel very confident with the opportunities that we're engaged on and looking at. And I think the idea of being able to do something programmatic with our counterparties is very attractive, both for us and for them. And so I think we feel very confident in our ability to execute on the pipeline. Aryeh Klein: And then maybe just -- you talked a little bit about hyperscale sale-leasebacks as a potential opportunity. Where do you think that stands currently in terms of their willingness to transact? And would you consider expanding beyond Tier 1 markets for those types of deals? Nicholas Pell: Look, I think at the end of the day, if the hyperscalers are looking for sources of capital through sale-leasebacks or otherwise, Blackstone is very well positioned to be able to offer solutions for these huge companies. And I think we are, again, like, very well positioned to do so. And I think as it relates to our buy box, I think we're very focused on delivering our IPO proceeds into the specific buy box we laid out, and I think have been pretty focused on really sticking to, sort of, the buy box description that we laid out for everybody. Operator: We will take our next question from Eric Luebchow with Wells Fargo. Eric Luebchow: Nick, you alluded to some of the volatility we've seen in the credit markets as potentially opening up some opportunities, greater opportunities for you. So maybe you can talk about whether you've seen any kind of changes in pricing relative to the move in interest rates or just some of the large financing deals we've seen in the market that haven't been as oversubscribed as usual? Has it had any impact on pricing so far? Nicholas Pell: Yes. Thanks, Eric. It's probably a little early to tell on pricing. I think where we're seeing it translate potentially just in terms of, like, how counterparties think about their alternatives, their expectations, their choices of how and when to execute on an exit. I think the nice part about these transactions is it can be a win-win, like, our -- the developers themselves, counterparties, they're looking to recycle capital. They're looking to exit out of a successful development opportunity. And at the same time, it's allowing us to identify premium real estate to build a portfolio around to be the foundation of this REIT. So a lot of it is just about thinking through that dynamic in the market, but it's all pretty recent. I just think, like -- we do think that uncertainty and volatility in general probably allows things -- facilitates the market a bit more. Operator: We will take our next question from Michael Funk with Bank of America. Michael Funk: So 2, if I could. So first, I wanted to know if you still intend to deploy the IPO capital within 3 quarters? And then second part to the question, have you thought about expanding your buy box to data centers under development, but not RFS yet given the size and pace of development year-to-date? Nicholas Pell: Yes. So look, I think we feel very confident in the pipeline and our level of engagement with a number of different opportunities here and feel like we're well on track and, frankly, excited about the real estate that we're engaged on and that's in our pipeline. In terms of forwards, it's certainly a part of the marketplace and part of a few of the deals that have happened and been announced earlier this year. We're certainly evaluating those. And I mentioned thinking about planting seeds for future opportunities. It's certainly something we're looking at. I think we're trying to prioritize for our IPO deployment into deals and assets that can pay rent upon closing. Mike Forman: The only thing I would tack on, Michael, is, like, we feel really good about the pipeline today. Like, it's very strong. We have more opportunities than we have capital for right now, frankly, which is a good place to be. We have the luxury of choice. So I think we feel really good about our buy box. And -- but to your point, there will be opportunities to go expand that over time. Operator: We will take our next question from Nick Del Deo with MoffettNathanson. Nicholas Del Deo: First, I think your expectation had been that there wouldn't be a ton of competition for deals in general, given their size and so on. Are you seeing that play out in your negotiations and discussions so far? Nicholas Pell: I'd say that, look, there isn't a lot of capital formed as we alluded to in our remarks, and I think we alluded to on the road and around the IPO with the stabilized data center strategy. There are groups that buy stabilized data centers here and there as well, as evidenced by the deal flow so far. But again, as we engage with the marketplace, there's plenty of really interesting and compelling real estate to choose from. And there are counterparties that are more excited to do business with us and with Blackstone and, again, do something programmatic and help us build, like, a really high-quality premium portfolio here. So look, there's always going to be some competition in the market, but I think we feel very well positioned in that market and have deep relationships with a lot of these different groups already, just given how active Blackstone is across the data center ecosystem. Nicholas Del Deo: Okay. Okay. And then as you've gone to market and start to speak with potential sellers in a more fulsome way, do you find that there are particular aspects of your approach that really align with what they're looking for? Or are there things where you find that you might need to, kind of, adjust what you're offering or particular terms that you've been thinking about? Nicholas Pell: I don't think there's been anything super notable in terms of change of approach that's required. We know these markets really well. We know these groups that we can and will transact with really well. And I think what we've laid out in terms of our buy box, the way we want to work with the market totally fits what the market is looking for. So it feels pretty good. Operator: We will take our next question from Cameron McVeigh with Morgan Stanley. Cameron McVeigh: I wanted to ask, as we've seen the evolution in some of this AI technology recently, there's been this growing debate around open versus closed weight models. Curious if your strategy has shifted at all to target more training or inference? Or on that point, are you maybe more agnostic to the type of workloads that are expected to run through your data centers? I'd love to just get your thoughts there. Mike Forman: Yes. Thank you, Cameron. I think you hit on it at the end, which is we're pretty agnostic, and we think that's a really good place to be. We don't need to guess perfectly on, like, which model is going to do best for the most efficient or open versus closed weight. I think what we're fundamentally investing in is that as digitalization continues to, sort of, grow throughout the world, the demand for compute will continue to grow materially. What you can do with compute will continue to grow in a pretty massive way. And owning and controlling the infrastructure, which is hard to create and underpins all these various technology solutions, is a really good place to be. I think it is that simple, and we're pretty agnostic. Operator: We'll take our next question from David Guarino with Green Street. David Guarino: There's been a wave of AI company and data center company IPO rumors in recent months. And I guess, hypothetically, assuming all these came to market, would that limit your ability to raise new equity as we think about what 2027's growth opportunity might look like? Nicholas Pell: We don't believe so. We've certainly followed some of the news around other potential listings. I think the unique thing about BXDC is we have this very simple business plan of targeting stabilized hyperscaler data centers. And I think we're -- with this specific strategy, I think we're -- and with Blackstone's, sort of, very unique breadth of expertise in this space, I think we're very well positioned to execute on our business plan regardless of what happens with other listings. There are all different ways to play this data center space. And I think those groups that whether they're developing or have different other strategies around what they're targeting, I think we, again, have a very simple, focused business plan. And I think we can distinguish ourselves in that market and access capital to be able to grow and really access that flywheel for growth that we talked a lot about in our roadshow. Operator: We'll take our next question from Richard Choe with JPMorgan. Richard Choe: I wanted to ask about the, I guess, programmatic nature that you're looking to eventually deploy. Is it fair to think that you're working with multiple potential developers and not just for that first deal, but ones after that? And how do you, kind of, think about that pacing? Nicholas Pell: Yes. It's a great question. And the beauty of this is we want to be the easy button for the best developers and counterparties in the market. And so whether they're staying in as an operator in a minority joint venture arrangement, and we can, sort of, rinse and repeat with some of these operators to help facilitate takeouts of successful developments that they've had to be able to recycle capital into new development pipeline opportunities for them. I think that's how we want to distinguish ourselves. And I think the engagement we've had within our pipeline and counterparties to date suggests that's a very attractive thing for them. They think they want to engage with sophisticated counterparties who can move quickly, do what they say they're going to do and, and again, do something programmatic over time for them as well to satisfy their goals for their businesses. So I think that's how we think about it. And I think that helps set us up for further growth down the line and planting these seeds, again, for not only deals that we can do with the IPO proceeds, but hopefully also down the road. Operator: With no additional questions in queue at this time, I'd like to turn the call back over to Tim Hayes for any additional or closing remarks. Timothy Hayes: Great. Thank you, Katie, and to everyone joining today's call. Please reach out with any questions. Before you buy stock in Blackstone Digital Infrastructure Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Blackstone Digital Infrastructure Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* Now, it’s worth noting Stock Advisor’s total average return is 965% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Blackstone Digital (BXDC) Q2 2026 Earnings Call was originally published by The Motley Fool

US-based investment company McIntyre Partnerships delivered flat performance in H1 2026, returning 0% gross and -1% net compared to the Russell 2000 Value Index’s 23% return. A copy of the letter can be downloaded here. The second quarter results were a complete reversal of Q1 results, with the portfolio appreciating 23.0% (gross) and 23.3% (net), outperforming the index's 17.3%. The overall market surge contributed to this performance, alongside several positive developments related to the firm’s holdings. Since inception, the fund has returned ~16% gross and ~12% net per annum, surpassing the benchmark’s return of ~9% per annum.  The portfolio is highly concentrated, with QDEL as the largest holding, creating volatility. Despite mixed results, the firm remains confident in the portfolio, particularly with QDEL viewed as a key investment opportunity. Potential for further growth is expected from several large investments with promising catalysts. In addition, you can check the Strategy’s top 5 holdings to determine its best picks for 2026. In its Q2 2026 investor letter, McIntyre Partnerships highlighted Sotera Health Company (NASDAQ:SHC). Sotera Health Company (NASDAQ:SHC) is a US-based company that provides sterilization solutions, lab testing, and advisory services for the healthcare industry. On August 7, 2026, Sotera Health Company (NASDAQ:SHC) closed at $18.86 per share, reflecting a market capitalization of $5.38 billion. Sotera Health Company (NASDAQ:SHC) posted a one-month return of 5.04%, while its shares gained 25.61% over the past 52 weeks. McIntyre Partnerships stated the following regarding Sotera Health Company (NASDAQ:SHC) in its Q2 2026 investor letter: Sotera Health Company (NASDAQ:SHC) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 42 hedge fund portfolios held Sotera Health Company (NASDAQ:SHC) at the end of the first quarter, up from 41 in the previous quarter. While we acknowledge the potential of Sotera Health Company (NASDAQ:SHC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. In another article, we covered Sotera Health Company (NASDAQ:SHC) and shared O’Keeffe Stevens Advisory’s insight on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years. Disclosure: None. This article is originally published at Insider Monkey.

Diamond Hill Capital, a First Eagle Investment Management company, issued its Q2 2026 investor letter for its "Large Cap Strategy". A copy of the letter is available to download here. The Strategy returned 3.42% net of fees, trailing the Russell 1000 Value Index’s 13.87% gain. Performance benefited from stock selection in consumer staples, materials and consumer discretionary, along with an underweight in utilities. However, stock selection in information technology, health care and industrials detracted from relative performance. AI remained the dominant market theme, driving an 81% gain in technology, while energy declined after the Iran war ended and oil prices fell. The Strategy’s limited exposure to companies benefiting from AI-related capital spending caused most of its underperformance, while software holdings remained pressured by concerns about AI disruption. Despite elevated market valuations, the team continues to find attractive opportunities through bottom-up research and expects active management to support better-than-market returns. In addition, please check the Strategy’s top five holdings to know its best picks in 2026. In its second-quarter 2026 investor letter, Diamond Hill Capital Large Cap Strategy highlighted Wix.com Ltd. (NASDAQ:WIX). Wix.com Ltd. (NASDAQ:WIX) operates a cloud-based web development platform for registered users and creators in the United States and internationally. On July 31, 2026, Wix.com Ltd. (NASDAQ:WIX) closed at $56.34 per share. One-month return of Wix.com Ltd. (NASDAQ:WIX) was 9.60% and its shares lost 58.13% over the past 52 weeks. Wix.com Ltd. (NASDAQ:WIX) has a market capitalization of $2.45 billion with a 52-week trading range between $40.16 - $190.93. Diamond Hill Capital Large Cap Strategy stated the following regarding Wix.com Ltd. (NASDAQ:WIX) in its Q2 2026 investor letter: Wix.com Ltd. (NASDAQ:WIX) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Wix.com Ltd. (NASDAQ:WIX) at the end of the first quarter which was 45 in the previous quarter. While we acknowledge the potential of Wix.com Ltd. (NASDAQ:WIX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. In another article, we covered Wix.com Ltd. (NASDAQ:WIX) and shared Columbia Seligman Global Technology Fund’s insight on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years. Disclosure: None. This article is originally published at Insider Monkey.

This earnings season, several crypto companies are reporting their financial results for the second quarter of the year. Last week, Robinhood Markets (Nasdaq: HOOD), Coinbase Global (Nasdaq: COIN), and Strategy (Nasdaq: MSTR) reported the earnings for Q2 2026. Related: U.S. and Japan rush to rescue the yen, but one market won't flinch Robinhood posted $1.31 billion in revenue and $0.62 in earnings per share (EPS), beating Wall Street estimates of $1.26 billion in revenue and $0.41 in EPS. Coinbase posted $1.22 billion in revenue, short of the estimated figure of $1.29 billion to $1.31 billion. However, it generated a negative EPS of $1.36, as compared to the range between -$0.42 and $0.14. Strategy generated $122.4 million in revenue and a negative EPS of $24.45, missing the estimates of $122.91 million and $2.19. As more crypto companies report earnings this week, here is what Wall Street expects. Cathie Wood trims Ethereum exposure on 11th anniversary U.S. Treasury attacks Iran's Hormuz 'extortion' network JPMorgan issues blunt warning on crypto's future Circle Internet Group (NYSE: CRCL) is a major crypto company that is best known for USDC, its U.S. dollar-pegged stablecoin. Last week, it announced that it had received a limited-purpose trust charter from the New York Department of Financial Services, allowing its Circle New York Trust to oversee USDC reserves and provide institutional digital asset custody services. The company will report the financial results for Q2 2026 on Aug. 5. As per TradingView, Wall Street expects Circle to post $713.70 million in revenue and $0.16 in EPS. Ahead of the earnings, Morgan Stanley slashed the price target on the Circle stock by 64% from $106 to $38 and granted it an Underweight rating, citing slowing USDC adoption and weaker reserve income prospects. Following the downgrade, the Circle stock fell more than 4.5% to trade at $59.67 at press time. Related: Morgan Stanley downgrades Circle, slashes price target by 64% Founded by billionaire investor Michael Novogratz, Galaxy Digital (Nasdaq: GLXY) is a financial services and infrastructure company focused on digital assets. Last week, the company announced the acquisition of around 500 acres in McGregor, Texas, for its second major artificial intelligence (AI) and high-performance computing (HPC) campus in the state. Galaxy Digital will report the financial results for Q2 2026 on Aug. 5. As per TradingView, Wall Street expects the company to post $9.63 billion in revenue and a negative EPS of $0.40. The stock was trading at $21.82 at press time, up 3.8% in a day. MARA Holdings (Nasdaq: MARA) is the world's largest publicly listed Bitcoin (BTC) mining company. The company revealed in March that it sold 15,133 BCTC for approximately $1.1 billion amid the price slump. The company will report the financial results for Q2 2026 on Aug. 6. As per TradingView, Wall Street expects MARA to post $209.44 million in revenue and $0.17 in EPS. The stock was trading at $11.78 at press time, up 4% in a day. Related: Major crypto exchange eyes IPO amid market slump This story was originally published by TheStreet on Aug 3, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

Strategy Inc MSTR centered its second-quarter 2026 earnings call on repairing its digital-credit platform. Management’s priority is restoring STRC toward par, rebuilding cash coverage and using Bitcoin sales more flexibly. The company reported a loss per share of $24.45, missing the Zacks Consensus Estimate of earnings of $52.04 per share. It generated revenues of $122.37 million, which also fell short of the Zacks Consensus Estimate of $126.95 million. Strategy Inc price-consensus-eps-surprise-chart | Strategy Inc Quote President and CEO Phong Le said Strategy wants STRC to trade between $99 and $100 over time. The preferred security was near $89.50 during the call, and management plans to keep its annualized dividend rate at 12% while working toward par. Le said the USD reserve has risen to $3.75 billion, covering about 2.1 years of preferred dividends and interest. Management is targeting two to three years of coverage while maintaining a one-year minimum. Executive chairman Michael Saylor said Strategy has $975 million left under its STRC repurchase authorization. Returning the security to par is a firm priority, although the pace and amount of buybacks will depend on market conditions. Le described a shift from one-way capital issuance toward active capital management. Strategy can issue equity, sell Bitcoin, repay debt, fund cash reserves and repurchase securities based on relative value. Year to date, the company bought 174,895 Bitcoin and sold 3,620, making purchases 48 times sales. Le said Bitcoin monetization can fund the USD reserve, cover dividends and interest, and support repurchases. Saylor said future capital deployment will not default to placing 100% of proceeds into Bitcoin. Management will weigh credit demand, equity conditions, Bitcoin’s position against its 200-week moving average and cash-reserve needs. During Q&A, Saylor said Strategy expects to reduce, rather than expand, its 11 credit instruments and concentrate liquidity around STRC. Bitcoin analyst Samson Mow asked about covered-call strategies. Saylor rejected derivatives for now, saying they could alter MSTR’s convexity, create tax and counterparty complications, fragment liquidity and reduce transparency. A TD Cowen analyst pressed management on whether it might issue STRC below par. Saylor said Strategy would instead pause issuance and use capital to restore stability rather than weaken the product’s price discipline. A Cantor Fitzgerald analyst asked how management would address convertible maturities. Chief financial officer Andrew Kang said Strategy can equitize, repay or refinance debt, with no prescribed rush and STRC stabilization taking precedence. Le said the next put date is September 2027 for the 2028 converts, which have a $183 conversion price. If conversion does not occur, Strategy could sell MSTR at a premium, sell Bitcoin or refinance. A Benchmark Company analyst asked about borrowing against Bitcoin to strengthen cash reserves. Le and Saylor said the option is not on the table because pricing, scale, counterparty risk and the appearance of margin debt favor other routes. Bitcoin analyst James Van Straten asked about STRC’s June 26 decline into the $70s. Saylor attributed it to traditional-finance credit providers reducing advance ratios after volatility increased. He said the withdrawal of leverage created second- and third-order liquidations, which then triggered broader investor anxiety. Management did not characterize the event as a simple retail or decentralized-finance margin call. The episode reinforced Strategy’s focus on low volatility and dependable liquidity. Saylor said a more stable STRC should reduce the risk that financing providers abruptly withdraw credit lines. Management’s tone was focused and more flexible than its earlier all-Bitcoin posture. The near-term agenda centers on restoring STRC, maintaining stronger dollar reserves and selectively using Bitcoin sales, equity issuance and repurchases. Strategy tied longer-term Bitcoin-per-share growth to a functioning digital-credit engine, lower funding costs and disciplined balance-sheet management. The call placed execution ahead of adding products. MSTR currently carries a Zacks Rank #5 (Strong Sell), which reflects negative earnings estimate revisions and points to weak near-term performance potential under the Zacks methodology. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The stock has a Value Score of F, Growth Score of D, Momentum Score of F and VGM Score of F. The combination indicates an unfavorable value, growth and momentum profile, while the Zacks Rank can change as analysts revise estimates following the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Strategy Inc (MSTR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MicroStrategy endorsed the CLARITY Act on Friday, one day after reporting an $8.22 billion quarterly loss. The bill would rewrite how the United States regulates digital asset trading. The endorsement hands MSTR shareholders a second variable to price. Regulatory momentum now sits beside the loss, a rising dividend bill, and a share price near 52-week lows. Strategy, formerly MicroStrategy, reported second quarter results on July 30 and backed the market structure bill the next day. That sequence turned a policy statement into an earnings postscript. The quarter was brutal. An $8.32 billion write-down produced an $8.22 billion net loss, or $24.45 per diluted share. A year earlier the same line delivered $32.60 of profit. The market answered on Friday. MSTR closed at $93.28, down 4.56%, within 14% of its 52-week low of $81.81. Clear Street trimmed its price target to $201 from $240. Management therefore needed a story the quarter could not supply. Backing clearer rules delivered one. The bill's central jurisdictional split is plain enough. Securities-like tokens would sit with the Securities and Exchange Commission (SEC). Digital commodities would move to the Commodity Futures Trading Commission (CFTC). For MicroStrategy, that is a funding question rather than a Bitcoin question. The company raised $17.06 billion through at-the-market equity programs this year. STRC preferred issuance added $7.53 billion, a 254% jump. The catalyst runs through the price of that capital. Strategy pays 12% on STRC because the shares keep clearing below their $100 stated amount. A wider institutional bid would let it pay less. Cheaper credit lowers the 10.8% hurdle. If that hurdle ever drops beneath the Bitcoin yield, per-share accretion resumes. That spread is the whole argument for owning MSTR instead of Bitcoin. Those buyers answer to compliance committees. Executive Chairman Michael Saylor has argued for years that regulation accelerates institutional acceptance rather than restraining it. Follow us on X to get the latest news as it happens Clarity would not close that spread quickly. Chief Financial Officer Andrew Kang put the effective cost of credit at 10.8%. Strategy's Bitcoin yield for the year is 4.5%. Preferred dividends consumed $400.7 million last quarter, against $49.1 million a year earlier. The STRC rate now stands at 12.00%. Investors are not paying par for that paper. Strategy repurchased 288,930 STRC shares at an average $86.53, a 13.47% discount to the $100 stated amount. Bitcoin traded near $63,016 on Saturday, down 1.3% over 24 hours. At that price the 843,775 coin position is worth about $53.2 billion, roughly $10.5 billion below cost. MSTR carries a market value of $35.87 billion. That collapse in MSTR's premium tracks the senior claims stacked ahead of common shareholders, not the legal status of Bitcoin. Strategy also authorized $1.0 billion to repurchase MSTR and has bought nothing. Management will act only below intrinsic value, a threshold it has not declared reached. The bill's record is stronger than its calendar. The House passed it 294 to 134 in July 2025. Senate Banking then advanced it 15 to 9 on May 14 under Chairman Tim Scott. No floor vote is scheduled, however, and the Senate's state work period begins August 10. MSTR holders inherit a catalyst with no date, while the 10.8% hurdle keeps its own schedule. Read the Original story MicroStrategy Post-Earnings CLARITY Act Push Could Add New Catalyst for Its Stock by Lockridge Okoth at beincrypto.com

Interested in Strategy Inc? Here are five stocks we like better. Strategy reported an $8.6 billion net loss in Q2, largely due to an $8.3 billion non-cash fair-value loss on Bitcoin after the cryptocurrency declined at quarter-end. The company held roughly 844,000–846,000 Bitcoin, with an average purchase price near $75,000. The company raised $17 billion year-to-date through equity and digital-credit offerings, increased cash and short-term investments to $3.75 billion, and reduced long-term debt to $6.7 billion. Management is shifting toward more active capital management, including potentially selling Bitcoin to fund dividends, interest and repurchases. Strategy is prioritizing its STRC preferred security and plans to use up to $1 billion for repurchases to help restore its market price toward the $99–$100 target range. Management also said it will not issue STRC below par and does not currently plan to borrow against its Bitcoin holdings. Japan’s Crypto Overhaul Could Open the Door to a Wave of Institutional Money Strategy (NASDAQ:MSTR) reported a second-quarter operating loss of $8.3 billion and net loss of $8.6 billion, driven primarily by a non-cash fair-value markdown on its Bitcoin holdings as the cryptocurrency’s price declined at quarter-end. Chief Financial Officer Andrew Kang said the company held 846,000 Bitcoin at the end of the second quarter after acquiring a net 83,901 Bitcoin during the period at an average price of about $75,500. The quarter-end Bitcoin price of roughly $58,700 resulted in an unrealized fair-value loss of approximately $8.3 billion. Strategy reported earnings per share of negative $24.45. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Strategy’s Bitcoin Pivot Gives Investors a New Reason to Watch Preferred Shares As of the latest update provided on the call, Strategy held 843,775 Bitcoin, or about 4% of the Bitcoin that will ever exist. Kang said the company’s Bitcoin reserve was worth approximately $55 billion at a Bitcoin price near $65,000, while its total acquisition cost was about $64 billion and its average purchase price was roughly $75,000 per Bitcoin. Strategy said it raised $17 billion of capital year-to-date through common equity and digital credit offerings. The company uses that capital to acquire Bitcoin, manage its liabilities, meet dividend and interest obligations and expand its digital-credit platform. → Microsoft Just Flipped the AI Spending Narrative Overnight Strategy’s Bitcoin Rally Has a Hidden Engine Cash and short-term investments rose to $2.4 billion at the end of the second quarter and had increased further to $3.75 billion at the time of the call. Kang said the cash reserve represented more than two years of dividend and interest coverage. Long-term debt fell to $6.7 billion from $8.2 billion after Strategy repurchased $1.5 billion of convertible debt at an 8% discount during the quarter. Preferred equity increased to $14.4 billion from $9 billion, largely due to issuance of its STRC preferred security. → Carrier Earnings Could Send the Stock to a New All-Time High Chief Executive Officer Phong Le said the company had moved from a model centered on issuing capital to buy Bitcoin toward “active capital management,” under which it may sell equity, preferred securities, cash or Bitcoin to manage the balance sheet and capital structure. Strategy bought 174,895 Bitcoin year-to-date through July while selling 3,620 Bitcoin, according to Le. He said the company had issued $7.52 billion of digital credit during the same period and repurchased $25 million. The company disclosed sales of Bitcoin intended to support its cash reserve and preferred dividend payments. Strategy sold 32 Bitcoin during the week ended May 31, describing the transaction as a test of its processes. It later sold 3,588 Bitcoin during the week ended July 5, generating about $216 million in proceeds that Le said were used to fund preferred dividends due June 30. Le said Strategy’s Bitcoin sales have represented a small percentage of the overall Bitcoin market’s trading volume. He also said selling higher-cost-basis Bitcoin at lower prices could generate realized losses that may offset future capital gains. The company estimated it held approximately $18.5 billion in unrealized Bitcoin losses that could represent a potential tax benefit of $5.4 billion, assuming a 29% corporate tax rate. Strategy plans to maintain a cash reserve equal to between two and three years of dividend and interest expenses, while keeping at least one year of coverage. Le said the company could use Bitcoin sales to increase the cash reserve by up to $1.25 billion, fund annual dividend and interest obligations of approximately $1.76 billion, and support up to $2 billion in authorized security repurchases. The company has authorized up to $1 billion in repurchases of digital-credit securities and up to $1 billion in common-stock repurchases. Le said Strategy had not used the common-stock authorization and would consider buying MSTR shares when they traded at a discount to net Bitcoin per share. The company said it would prioritize STRC repurchases while the security trades below par. Management repeatedly emphasized its effort to return STRC, which Strategy calls “Stretch,” to a trading range of $99 to $100. STRC was trading at about $89.50 during the call, according to Le, compared with its intended par value of $100. Michael Saylor, Strategy’s executive chairman, said the company has allocated $1 billion to repurchase STRC and had approximately $975 million remaining under that program. He said Strategy had sufficient reserves to address the gap between STRC’s market value and its notional value, but described the company as being in a “discovery process” regarding the size and pace of any repurchases. Saylor said Strategy would not issue STRC below par. “If we can’t create it such that it trades at par, and we can’t sell it at par, we’re not going to sell it at all,” he said. STRC’s notional value grew to $10.5 billion at the end of the second quarter from $5.3 billion at the end of the first quarter, Saylor said. He added that institutional holdings rose to $3.1 billion as of July 1 from $1.1 billion on March 17, reaching 29% of STRC outstanding. The company plans to concentrate on STRC rather than introduce additional credit products. Saylor said Strategy currently has 11 credit instruments, but may reduce that number over time to consolidate liquidity around its flagship short-duration product. Strategy said Bitcoin per share was 203,683 satoshis as of July 26, up about 6% from a year earlier. Its BTC Yield, a company-defined metric measuring Bitcoin per share growth, was 4.5% year-to-date. During the second quarter, Bitcoin per share increased 5% from 201,170 satoshis at the end of the first quarter to 210,824 satoshis at quarter-end. Saylor said the company expects to manage its mix of Bitcoin and U.S. dollars more actively. While Strategy historically directed nearly all capital raised toward Bitcoin purchases, he said management now recognizes the importance of holding cash to support digital-credit investors and preserve dividend coverage. Management also said it did not plan to borrow against Bitcoin holdings at present. Le cited the size, pricing and counterparty considerations of the market for Bitcoin-backed borrowing, while Saylor said the company preferred to avoid instruments that could be characterized as margin debt or mark-to-market loans. Strategy said it intends to equitize, repay or refinance its convertible debt over time. Its next convertible debt put date is in September 2027 for notes with a conversion price of $183, Saylor said. Management said there was no prescribed timeline for additional liability-management actions. Strategy, formerly known as MicroStrategy, Incorporated (NASDAQ: MSTR) is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure. Founded in 1989 by Michael J. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Strategy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

MSTR's $8.22B Q2 loss is non-cash bitcoin markdown noise; our $337.65 price target sees 245% upside if BTC recovers. COIN generates 10x MSTR's quarterly revenue at comparable market caps, and MARA's 1.30 price-to-book highlights MSTR's outsized bitcoin-stack premium. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today. MicroStrategy (NASDAQ:MSTR) closed at $97.74 after posting a $8.22 billion Q2 net loss driven almost entirely by an $8.32 billion unrealized bitcoin markdown. Our 24/7 Wall St. price target for MSTR is $337.65, implying 245.45% upside over the next 12 months. Confidence is moderate at 50%, reflecting the fact that MSTR is effectively a leveraged bitcoin proxy. MSTR is down 75.26% over the past year and 35.68% year to date, trailing bitcoin's own 44.11% one-year drop and 26.06% YTD decline. The stock sits 27% below its 52-week high of $414.36. Q2 revenue of $122.37 million grew 6.88% year over year but fell 1.70% short of the $124.48 million consensus. Reported EPS of -$24.45 missed the $3.07 consensus by 895.3%, but subscription services grew 54% to $62.86 million. Bitcoin holdings grew 11% to 846,000 BTC, and convertible debt fell 18% to $6.7 billion. The bull case is straightforward: bitcoin recovers. Our bull scenario points to $447.36, a 357.7% total return. BTC is already up 7.9% over the last month to $64,697, and Strategy's $3.75 billion USD Reserve covers preferred obligations for more than 2.1 years. The 54% jump in subscription revenue shows the software business compounds underneath bitcoin volatility. Analysts polled see 93% bullish sentiment with zero sell ratings. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today. Our bear case lands at $258.44, still above spot but sobering. Bitcoin's cost basis of $63.9 billion now exceeds carrying value of $49.7 billion, and Q2 preferred dividends consumed $400.7 million. Polymarket assigns a 36.5% probability to MSCI index delisting by year-end. Insider transactions have skewed net selling. Bulls counter that the accounting loss is non-cash and convertible debt reduction of 18% in one quarter meaningfully de-risks the capital structure. Coinbase (NASDAQ:COIN) is the closest large-cap crypto-linked equity, with a market cap of $36.4 billion, essentially matching MSTR's $34.1 billion. But COIN generates $1.22 billion in quarterly revenue against Strategy's $122.37 million. On a revenue-to-market-cap basis, MSTR's valuation reflects its bitcoin stack far more than its software business. Our target looks aggressive on operating fundamentals but reasonable on a bitcoin-per-share basis. MARA Holdings (NASDAQ:MARA) is the pure-play bitcoin miner comp, trading at a price-to-book of 1.30 with a $4.5 billion market cap. MARA also posted a nine-figure bitcoin markdown last quarter, confirming the pattern is sector-wide. Strategy trades at a meaningful premium to MARA on price-to-BTC-held, which the market justifies by MSTR's superior capital markets access. Our $337.65 target looks reasonable rather than heroic. The 24/7 Wall St. price target of $337.65 reflects a genuine buy at 50% confidence. Even the bear case at $258.44 sits well above today's price. The setup looks constructive if bitcoin holds $60,000 and eventually reclaims $80,000. The risk widens if BTC breaks below $55,000, because MSTR's beta of 3.55 will magnify that move. Looking ahead, here is where our model projects MSTR could trade, assuming bitcoin resumes its long-term uptrend and Strategy continues accreting bitcoin per share. These projections assume Strategy continues executing its bitcoin accumulation playbook and BTC compounds toward six figures. Significant downside could result from a sustained bitcoin bear market or forced deleveraging of the convertible book. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

MicroStrategy earnings for the second quarter carried an $8.22 billion net loss and a new metric, BTC Hurdle ARR, that Strategy's own Bitcoin yield is currently running below. The company set that hurdle at 10.8% and reported a 4.5% bitcoin yield for the year. Chief Financial Officer Andrew Kang called the figure its effective cost of credit. Strategy published BTC Hurdle ARR and Net Bitcoin Per Share on its website this week, timed to results. Together they are meant to show whether Bitcoin accretion outruns what the company pays creditors and preferred holders. Kang set out the test himself. Follow us on X to get the latest news as it happens The comparison is not perfectly clean. Strategy published no current BTC ARR figure, and BTC Yield tracks per-share accretion over a fixed window rather than an annual rate. The direction is still checkable. A 4.5% yield banked between January 1 and July 26 works out near 8% annualized, leaving a shortfall of roughly three percentage points. On the company's own logic, a negative spread means Net Bitcoin Per Share fails to outpace Bitcoin itself. Anyone holding MSTR for leveraged exposure is currently paying more for credit than the machine returns. Scrutiny of that machinery is not new. The debate over new metrics has trailed Strategy through 2026, as has the collapse in MSTR's premium to its holdings. The hurdle rises with whatever Strategy pays for money. STRC issuance brought in $7.53 billion this year, growth of 254%, and management pushed the payout rate on those preferred shares to 12%. Preferred dividends alone consumed $400.7 million during the quarter, against $49.1 million a year earlier. Roughly $218.4 million of Bitcoin was sold to help cover them. The quarter was punishing. An $8.32 billion writedown produced a net loss of $8.22 billion, or $24.45 per diluted share. With Bitcoin trading near $64,713, the 843,775 coin position sits about $8.9 billion beneath its $63.69 billion cost. Founder and Executive Chairman Michael Saylor reads the period as a transition rather than a strain. Parts of the release support that reading. Convertible notes fell from $8.21 billion to $6.71 billion after a May buyback struck at an 8% discount to par, and software revenue grew 6.9% to $122.4 million. A $3.75 billion reserve covers dividends and interest for 2.1 years, so nothing breaks imminently, though STRC's durability remains contested. The sharper question is whether the spread flips positive before that cushion thins. Read the Original story MicroStrategy Earnings Flip From $10 Billion Profit to $8.2 Billion Loss in 1 Year by Lockridge Okoth at beincrypto.com

Michael Saylor’s Strategy (Nasdaq: MSTR) reported an $8.22 billion net loss for the second quarter of 2026 on July 30, as falling Bitcoin prices reduced the value of its holdings. The company posted a diluted loss of $24.45 per share, compared with analysts’ estimate for a loss of $2.19 per share. The company, formerly MicroStrategy, attributed almost all of the operating loss to an $8.32 billion unrealized loss on its Bitcoin holdings. Revenue reached $122.4 million, up 6.9% from $114.5 million in the same quarter last year. In the first quarter of 2026, Strategy reported $124.3 million in software revenue and recorded a $14.5 billion operating loss after adopting fair-value accounting for its Bitcoin holdings. The company ended the quarter with 818,334 Bitcoin, before significantly expanding its holdings over the following months. Related: Robinhood's latest earnings beat Wall Street estimates Strategy's Bitcoin accumulation slowed sharply during the second quarter after the company paused purchases for five consecutive weeks, its longest break in nearly two years. Instead of buying Bitcoin, Strategy focused on strengthening its balance sheet. The company raised fresh capital through common stock sales while building its US dollar reserve to fund preferred stock dividends and debt obligations. Strategy said it raised $8.41 billion through at-the-market stock offerings during Q2, including $2.95 billion from MSTR shares and $5.47 billion from its STRC preferred stock. It also repurchased $1.5 billion of convertible debt, reducing its outstanding convertible notes to $6.71 billion. Coinbase changes security rewards, blames AI New Senate bill could ban Trump from launching his own tokens Americans who lost money in a crypto bankruptcy get a second chance Executive chairman Michael Saylor later said the sale was intended to replenish the company's cash reserve rather than signal a shift away from its long-term Bitcoin strategy. As of July 30, Strategy holds 843,775 Bitcoin acquired for about $63.6 billion, at an average purchase price of $75,476 per BTC, making it the world's largest corporate Bitcoin holder. On July 29, ahead of the earnings release, Strategy executive chairman Michael Saylor reiterated his long-term conviction in Bitcoin, writing: Strategy shares closed at $97.74 on July 30, up 4.41% in a day. The stock remained down 37.44% year to date and 75.63% over the past 12 months. Bitcoin traded at $64,733, up 1.9% over the previous 24 hours. Related: JPMorgan issues blunt warning on crypto's future This story was originally published by TheStreet on Jul 30, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.