Strategy, the former enterprise software company and now the largest corporate Bitcoin [BTC] holder, had its Q2 earnings call on Thursday, July 30. Michael Saylor outlined some of the talking points in a post on X.

The company holds 843,775 BTC, with a 4.5% BTC yield and a 29,997 BTC gain, or roughly 3.6x growth in Bitcoin per share since 2020. The average acquisition price was $75,531 per coin.

Yet, after a brief surge on Thursday, the MSTR stock noted a 6.14% drop, from $97.59 to $91.6. An unrealized markdown of $8.32 billion on its Bitcoin holdings and a reported net loss of $24.45 per share helped explain the slide.

The Bitcoin sales and the need for rebuilding the premium

While these were encouraging numbers, the company has…