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Public Companies’ Biggest Bitcoin Losses in Q2 2026

Bitcoin closed the second quarter of 2026 at $58,559, down 14.2% from $68,233 on March 31. Public companies that mark their bitcoin to market recorded losses. This ranks 13 of them by the loss on their income statement for the quarter, taken from each company’s own 10-Q.

Data as of · three months ended June 30, 2026 (CleanSpark: its fiscal third quarter) · figures from Forms 10-Q filed Jul 24 to Aug 14, 2026 · bitcoin held is each filing’s own June 30 count

Illustration: 13 public companies’ bitcoin fair-value losses for Q2 2026, from $8.3 billion (Strategy) to $38 million (Next Technology).
Public Companies’ Biggest Bitcoin Losses in Q2 2026, data as of 2026-08-14
Rank Company Q2 loss Bitcoin held, Jun 30 Line item in the filing Loss size Source
1 Strategy MSTR ▼ −$8,315M 846,000 Unrealized loss (gain) on digital assets $100M or more 10-Q, 2026-08-03
2 Twenty One Capital XXI ▼ −$401M 43,514 Change in fair value of digital assets $100M or more 10-Q, 2026-08-11
3 MARA Holdings MARA ▼ −$343M 35,577 Change in fair value of bitcoin (footnote total) $100M or more 10-Q, 2026-08-06
4 Strive ASST ▼ −$228M 19,864 Net unrealized loss on digital assets, at fair value $100M or more 10-Q, 2026-08-10
5 Coinbase COIN ▼ −$209M 17,311 Losses (gains) on crypto assets held for investment, net $100M or more 10-Q, 2026-07-30
6 Hut 8 (consolidated) HUT ▼ −$139M 17,316 Loss (gain) on digital assets $100M or more 10-Q, 2026-08-04
7 CleanSpark CLSK ▼ −$116M 12,205 Loss (gain) on fair value of bitcoin, net $100M or more 10-Q, 2026-08-06
8 Block XYZ ▼ −$88.5M 9,117 Remeasurement loss (gain) on bitcoin investment Under $100M 10-Q, 2026-08-05
9 Riot Platforms RIOT ▼ −$74.6M 11,380 Change in fair value of bitcoin Under $100M 10-Q, 2026-08-10
10 Silvia SVIA ▼ −$52.0M 5,355 Unrealized and realized loss on digital assets Under $100M 10-Q, 2026-08-13
11 GD Culture Group GDC ▼ −$49.3M 7,500 Unrealized and realized loss on fair value changes of digital assets Under $100M 10-Q, 2026-08-14
12 Nakamoto NAKA ▼ −$48.7M 4,467 Loss on change in fair value of digital assets Under $100M 10-Q, 2026-08-13
13 Next Technology Holding NXTT ▼ −$38.1M 5,833 Unrealized loss (recognized in other income/expense) Under $100M 10-Q, 2026-07-24

Q2 loss = the change in fair value of bitcoin for the three months ended June 30, 2026 on the line item shown, in US dollars (some filings state thousands, some whole dollars). All of these companies use fair-value accounting, so changes in bitcoin’s price flow through the income statement. The lines are not identical: some include realized results, some cover other crypto, and some sit in operating expense and others in other income; notes are in each entry and the notes column of the source. Bitcoin’s UTC closes were $68,233 on March 31 and $58,559 on June 30, 2026.1 Not included because their filings did not give a comparable three-month bitcoin figure: Tesla and SpaceX (six-month cash-flow lines only), Cipher, TeraWulf, Gemini and Trump Media (mixed or small lines), and companies that file outside the 10-Q. Observed facts from filings, not a forecast.

The top 8

When a company holds bitcoin and the accounting rules require it to record the holding at fair value, a fall in bitcoin’s price is a loss on the income statement even if the company sold nothing. All 13 companies here reported a loss for the quarter. Quarterly reports for the quarter ended September 30 will follow. For the companies’ holdings, see the largest public bitcoin treasury companies and their average cost.

#1

Strategy MSTR

▼ −$8,315M

Strategy reported a loss of $8,315M for the three months ended June 30, 2026 on the line “Unrealized loss (gain) on digital assets”, with 846,000 BTC held at June 30.2 Operating-expense line.

#2

Twenty One Capital XXI

▼ −$401M

Twenty One Capital reported a loss of $401M for the three months ended June 30, 2026 on the line “Change in fair value of digital assets”, with 43,514 BTC held at June 30.3 Stated in whole dollars: $401,476,433.

#3

MARA Holdings MARA

▼ −$343M

MARA Holdings reported a loss of $343M for the three months ended June 30, 2026 on the line “Change in fair value of bitcoin (footnote total)”, with 35,577 BTC held at June 30.4 Combines the main line ($249.6M) and the line for bitcoin loaned or pledged ($93.5M); holdings include 9,270 BTC loaned or pledged.

#4

Strive ASST

▼ −$228M

Strive reported a loss of $228M for the three months ended June 30, 2026 on the line “Net unrealized loss on digital assets, at fair value”, with 19,864 BTC held at June 30.5 6,236 BTC acquired during the quarter.

#5

Coinbase COIN

▼ −$209M

Coinbase reported a loss of $209M for the three months ended June 30, 2026 on the line “Losses (gains) on crypto assets held for investment, net”, with 17,311 BTC held at June 30.6 All crypto held for investment; a separate $31.7M loss on crypto held for operations is not included.

#6

Hut 8 (consolidated) HUT

▼ −$139M

Hut 8 (consolidated) reported a loss of $139M for the three months ended June 30, 2026 on the line “Loss (gain) on digital assets”, with 17,316 BTC held at June 30.7 Includes American Bitcoin ($71.2M loss); 8,002 of the BTC are American Bitcoin’s.

#7

CleanSpark CLSK

▼ −$116M

CleanSpark reported a loss of $116M for the three months ended June 30, 2026 on the line “Loss (gain) on fair value of bitcoin, net”, with 12,205 BTC held at June 30.8 Fiscal Q3; a separate $16.5M loss on bitcoin posted as collateral is not included; also a receivable for 1,719 BTC posted as collateral.

#8

Block XYZ

▼ −$88.5M

Block reported a loss of $88.5M for the three months ended June 30, 2026 on the line “Remeasurement loss (gain) on bitcoin investment”, with 9,117 BTC held at June 30.9 Bitcoin held for long-term investment.

Sources

  1. Yahoo Finance, Bitcoin USD (BTC-USD) daily history, daily closes in UTC on March 31 and June 30, 2026, retrieved 2026-10-23.
  2. Strategy (MSTR), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-03.
  3. Twenty One Capital (XXI), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-11.
  4. MARA Holdings (MARA), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-06.
  5. Strive (ASST), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-10.
  6. Coinbase (COIN), Form 10-Q for the quarter ended June 30, 2026, filed 2026-07-30.
  7. Hut 8 (consolidated) (HUT), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-04.
  8. CleanSpark (CLSK), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-06.
  9. Block (XYZ), Form 10-Q for the quarter ended June 30, 2026, filed 2026-08-05.

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