Overview

• Strategy posted a record $10 billion net income in Q2 2025, driven by $14 billion in unrealized gains on its Bitcoin holdings.
• It held 628,791 BTC at quarter-end, representing roughly 3% of the total Bitcoin supply at a cumulative cost of $46.07 billion.
• Shortly after announcing its earnings, the firm filed for a $4.2 billion offering of STRC perpetual preferred stock to finance additional Bitcoin purchases.
• Management has shifted its funding strategy from convertible debt to preferred-stock programs, limiting new common equity issuance to periods when shares trade above net asset value.
• Michael Saylor confirmed an ambition to hold up to 7% of Bitcoin supply and raised internal targets to a 30% annual BTC yield and $20 billion in unrealized gains by year-end.