Strategy, formerly known as MicroStrategy, has released its Q2 2025 financial results and they’re nothing short of historic. Thanks to Bitcoin’s impressive rally during the quarter, the company posted a net income of $10.02 billion, or $32.60 per share, marking a dramatic recovery from the $4.2 billion net loss in Q1.

Between April and June 2025, Bitcoin’s price jumped by around 30%, helping Strategy turn things around. During this period, the company’s operating income hit $14.03 billion, a staggering 7,106.4% year-over-year (YoY) increase. Although its core revenues from other services were relatively modest at $114.5 million (up 2.7% YoY), it was Bitcoin that truly drove performance.

BTC Strategy Pays Off 628,791 Coins and Growing

In Q2, Strategy continued to aggressively acquire Bitcoin. It now holds 628,791 BTC, having spent about $46.07 billion on its purchases so far this year. The average cost per Bitcoin for the company stands at $73,277.

With Bitcoin’s current price trading significantly above this average, Strategy is sitting on unrealised paper gains of $26.63 billion. The company’s year-to-date BTC yield, a metric combining Bitcoin appreciation and strategic gains is 25%, which has already surpassed its full-year target.

CFO Andrew Kang confirmed that the firm had reached its BTC goals ahead of schedule:

“Strategy has achieved a year-to-date BTC Yield of 25%, meeting our full-year target well ahead of our initial timeline… Our BTC gain now exceeds $13 billion.”

Big Bets, Bigger Goals: Revised 2025 Targets

Riding on Q2’s success and optimistic market trends, Strategy has now revised its targets for the full year. Assuming Bitcoin reaches $150,000 by the end of 2025, the firm projects:

• $34 billion in operating income
• $24 billion in net income
• $80 in diluted earnings per share (EPS)
• A new BTC yield target of 30%, up from 25%

These ambitious goals reflect both confidence in Bitcoin’s upward momentum and Strategy’s growing reliance on digital asset holdings as a core part of its business strategy.

Raising More Capital Through Preferred Stock Offering

To support its aggressive Bitcoin buying spree, Strategy also announced a $4.2 billion at-the-market (ATM) offering of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). This marks a significant jump from its previous offering, which had been increased from $500 million to $2 billion earlier in the year.

According to a press release issued on July 31, the capital raised will be used for “general corporate purposes, including further Bitcoin acquisitions.” The company emphasized that sales of STRC stock will be made gradually, factoring in market conditions such as trading volume and price at the time of sale.

This approach, Strategy says, ensures discipline and avoids excessive market dilution.

Bitcoin Remains Core to Strategy’s Future

While Strategy still earns modest revenue from its legacy software business, it’s clear that Bitcoin is now the company’s primary growth engine. The Q2 2025 results underline how closely the firm’s fortunes are tied to BTC’s performance for better or worse.

With Bitcoin prices rising and new capital flowing in, Strategy is doubling down on its vision of being the world’s leading corporate Bitcoin holder. Investors, however, remain divided, some applaud the bold strategy, while others warn of risks tied to crypto volatility.