Overview
Investors saw Bitcoin climb 1.4% to $64,740.8 by 17:49 ET on Thursday, moving in line with a broader rally in risk assets that was reignited by artificial‑intelligence‑related earnings from Microsoft.
MicroStrategy Quarterly Results
MicroStrategy Inc. reported an operating loss of $8.33 billion for the quarter ended June 30, 2026, which incorporated an unrealized loss of $8.32 billion on its digital‑asset portfolio, reversing the $14.05 billion unrealized gain recorded in Q2 2025. Net loss per share was $24.45, compared with earnings of $32.60 per share in the same quarter a year earlier. The firm sold portions of its Bitcoin holdings for the first time in nearly four years, making no new purchases in the four weeks preceding the earnings release. As of quarter‑end, MicroStrategy held approximately 846,000 bitcoins, valued at $54.77 billion based on a price of $64,915 on July 27. The company’s 843,775‑bitcoin reserve has been financed through debt and equity issuances, and recent sales were used to bolster cash reserves and meet rising capital and debt obligations.
Cryptocurrency Market Movements
Alongside Bitcoin, major altcoins posted gains: Ether rose 1.2% to $1,919.75, XRP up 0.9%, Solana up 1.8%, Cardano up 4.6%, BNB up 3.9%, and the meme‑coins Dogecoin and $TRUMP each increased 1.1%. The broader crypto rally was tempered by uncertainty over U.S. monetary policy and heightened geopolitical risk.
Macro and Geopolitical Context
The Federal Reserve raised its policy rate as expected on Wednesday, with at least three Fed officials advocating for an additional hike amid sticky inflation. Fed Chair Kevin Warsh offered limited detail on the path to the 2 % inflation target, reinforcing market expectations of further rate increases. Concurrently, the United States launched a new wave of strikes against Iran, prompting retaliatory attacks from Tehran and pushing oil prices higher, which in turn revived concerns that elevated energy‑driven inflation could trigger additional global central‑bank tightening.