MSTRJuly 6, 2026
A reason to own MicroStrategy (Strategy) just broke.
Helm tested one of the reasons to own MicroStrategy (Strategy) against a primary source and recorded what it found. The sentence below is quoted exactly as it was published.
The claim under test
The company is a leveraged bitcoin holding vehicle whose value tracks its BTC stack
What the source actually says
For the three months ended June 30, 2026, Strategy had a $8.32 billion loss on digital assets (including $8.31 billion of unrealized loss and $0.9 million of realized loss). As of June 30, 2026, Strategy had $49.67 billion of digital asset carrying value. As of June 30, 2026, the cost basis of the bitcoin held by Strategy exceeded the fair value of its bitcoin holdings.
Why it matters
The significant unrealized loss on digital assets indicates a deterioration in the value of bitcoin holdings, contradicting the thesis that the company's value tracks its BTC stack.
Helm runs this against house theses in public and against your own holdings inside the terminal. Scan a ticker.