- Strategy gained $5.8B from Bitcoin in 2025 and raised its BTC yield target to 25%.
- A $21B stock offering helped the company add over 301,000 BTC to its balance sheet.
- Despite a $16.53 per-share loss from revaluation, subscription revenue jumped 61.6% and cash reserves grew.
Formerly known as MicroStrategy, Strategy has kicked off 2025 with a pretty wild ride. The company reported a year-to-date gain of $5.8 billion from Bitcoin alone, and they’re now aiming even higher—like, way higher. Their BTC yield target just jumped to 25%, and they’ve set their sights on $15 billion in total Bitcoin gains. Ambitious? Absolutely. But this is Strategy we’re talking about.
They raised a ton of cash—and bought even more BTC
In Q1, Strategy pulled off a massive $21 billion stock offering (yeah, billion with a ‘b’), and used that to scoop up 301,000+ BTC. That’s a serious addition to their already Bitcoin-heavy balance sheet.
Now, they’ve expanded their capital deployment strategy to a whopping $84 billion. It’s split between equity and fixed-income plays, all to keep stacking more Bitcoin. They’re treating BTC like it’s digital gold… and then some.
The numbers got messy—but not all bad
Bitcoin dipped to around $82,445 by the end of Q1, which technically meant a paper loss at the time. But since prices have bounced back to around $97,000, Strategy says they’re likely sitting on an $8 billion unrealized gain for Q2. So, that earlier dip? Temporary pain.
Despite the ups and downs, their cash pile grew—from $38.1M at the end of 2024 to $60.3M now. Not too shabby, especially considering how volatile the quarter was.
Revenue dipped, but software’s still strong
Total revenue came in at $111.1 million, down a bit from last year’s $114.6 million. The drop was mostly tied to weaker product support sales. But here’s the kicker—subscription services revenue jumped 61.6%, which shows their core software business is still kicking even while BTC grabs most of the spotlight.
And thanks to new fair value accounting rules, they were able to tack on $12.7 billion to retained earnings, as Bitcoin’s market price now reflects more cleanly on their books.
Leading the Bitcoin charge (literally)
More than 70 public companies are now experimenting with Bitcoin in their treasury strategies—but Strategy’s still leading the charge. CEO Phong Le said the firm feels “honored” to be at the front of this movement.
Now, even though analysts were expecting a loss of just $0.11 per share, the actual reported number was… rough. A $16.53 loss per share, all tied to Bitcoin’s revaluation swings. That said, MSTR is trading slightly up at $381.60, so investors don’t seem too rattled.
