The stock rose modestly by 1.6%, reflecting a quarter dominated by unrealized Bitcoin losses and operating losses driven by Bitcoin price declines, with no clear upside surprise to significantly uplift investor sentiment.

• Reported operating loss of $14.5 billion and net loss of $12.8 billion primarily due to mark-to-market Bitcoin price decline.
• Bitcoin holdings increased to 818,334 BTC, representing 3.9% of total supply, acquired at an average cost of ~$76,000 per Bitcoin.
• Bitcoin per share grew 18% year-over-year to 213,371 as of May 2026, highlighting ongoing accumulation efforts.
• Purchased 89,599 Bitcoin in Q1 at an average price of $80,900, and an additional 56,235 coins in Q2 at around $73,400.
• Balance sheet remains highly liquid with $2.2 billion in cash and net leverage at a modest 9.3%, supported by $13.5 billion preferred equity and $8.2 billion convertible debt.