Strategy (MSTR), the world’s largest corporate bitcoin BTC $ 63,903.86 holder, reported Thursday an $8.2 billion second-quarter net loss after the cryptocurrency’s price decline erased billions of dollars from the value of its digital asset holdings. The quarterly loss was driven almost entirely by an $8.32 billion unrealized markdown on its bitcoin holdings under fair-value accounting. The company held 843,775 bitcoin as of July 26, up 25% from the start of the year. At current prices, the stash is worth roughly $54.8 billion, compared with an acquisition cost of $63.7 billion. The report came after a period of growing investor scrutiny on the firm over whether it can sustain an increasingly complex capital structure built around multiple classes of preferred stock, common equity and convertible debt.