Strategy, formerly known as Microstrategy, has seen its bitcoin reserves swell to 478,740 BTC, yielding approximately $1.8 billion in gains for shareholders so far this year. Executive Chairman Michael Saylor announced the achievement via X on Feb. 11, stating that the company's treasury operations resulted in a net Bitcoin gain of 18,527 BTC year-to-date, equivalent to around $1.8 billion based on current market prices.
Bitcoin Holdings and Financial Performance
According to a recent SEC filing, Strategy's total net asset value (NAV) from its bitcoin holdings stands at approximately $46.7 billion. The company reported a Bitcoin yield of 74.3% for the full year 2024, reinforcing its position as the largest publicly traded corporate holder of bitcoin. Year-to-date 2025, the Bitcoin yield has reached 4.1%.
On Feb. 10, Strategy disclosed the acquisition of an additional 7,633 BTC for about $742.4 million, at an average price of roughly $97,255 per bitcoin. The purchase was funded through a combination of stock sales and a preferred stock offering, continuing the company's established strategy of using capital markets to expand its bitcoin treasury.
Q4 2024 Earnings Highlights
In its fourth-quarter earnings report released earlier this month, Strategy marked significant corporate milestones. CFO Andrew Kang noted: "The fourth quarter of 2024 marked our largest ever increase in quarterly bitcoin holdings, culminating in the acquisition of 218,887 bitcoins for $20.5 billion since the end of Q3." The company credited its capital-raising efforts—including an at-the-market equity offering and convertible note issuances—for enabling the bitcoin purchases.
Long-Term Bitcoin Price Projections
Michael Saylor has outlined a bold base-case scenario for bitcoin, projecting a price of $13 million per coin by 2045. Under a bear case, he sees bitcoin reaching $3 million, while a bull case targets $49 million within the same timeframe. These projections are based on varying annual growth rates and potential levels of market adoption. Saylor remains steadfast in his belief that bitcoin serves as the optimal treasury asset for the company.
Market Impact and Risks
Strategy's continuous accumulation has provided a notable support level for bitcoin prices, especially as institutional demand grows. The company's model has inspired several other publicly traded firms to adopt similar bitcoin treasury strategies. However, critics point to the reliance on equity and debt financing to acquire bitcoin, which introduces financial leverage risks. As of now, Strategy's average cost basis for its bitcoin holdings is below $40,000 per coin, leaving the firm with substantial unrealized gains.