Strategy Q1 2025 Earnings: 553,555 BTC Held, $5.8B Gain
Strategy (formerly MicroStrategy) released its Q1 2025 earnings report today, announcing a year-to-date “BTC Yield” of 13.7% and a “BTC $ Gain” of $5.8 billion. The company now holds 553,555 bitcoins at a total cost of $37.9 billion, or an average of $68,459 per coin, solidifying its position as the undisputed corporate Bitcoin treasury leader.
The company also announced it is doubling its capital raising efforts from $42 billion to $84 billion. President and CEO Phong Le stated the plan is 32% complete, with approximately $57 billion remaining to raise through 2027 to purchase more Bitcoin. He noted that Strategy may explore new fundraising methods over time to supplement existing channels.
Record ATM Offering and BTC Accumulation in First Four Months of 2025
In the first four months of 2025, Strategy added 301,335 BTC to its balance sheet through a record $21 billion at-the-market (ATM) equity offering. During the same period, MSTR’s share price increased by 50%. Phong Le commented: “We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC while simultaneously achieving a 50% increase in MSTR share price.” He also highlighted two of the most successful preferred stock IPOs in a decade that broadened the company’s capital base in Q1.
2025 Targets Raised: BTC Yield to 25%, BTC $ Gain to $15 Billion
Strategy raised its 2025 BTC Yield target from 15% to 25%, and its BTC $ Gain target from $10 billion to $15 billion. CFO Andrew Kang said, “We are thrilled to report a strong start with a year-to-date BTC Yield of 13.7%, achieving over 90% of our 2025 target in just the first four months. Our year-to-date BTC $ Gain of $5.8 billion also meets 58% of our annual target. With strong market momentum and successful treasury execution, we are increasing our targets.”
Kang also noted the adoption of fair value accounting for Bitcoin holdings led to a $12.7 billion uplift in retained earnings, despite a $5.9 billion unrealized loss due to Q1’s closing BTC price of $82,445. With over 70 public companies now adopting a Bitcoin treasury standard, Strategy continues to lead the movement, proving Bitcoin is not just an asset but a corporate cornerstone.