Michael Saylor's Strategy Reports Fifth Consecutive Loss Launches $21B Equity Offering Despite Bitcoin Boom

Michael Saylor’s company, Strategy (formerly MicroStrategy) continues to dominate headlines as the largest corporate holder of Bitcoin.

Despite Bitcoin reaching record highs Strategy has reported its fifth consecutive quarterly loss, totaling a staggering $5.91 billion due to unrealized losses on its crypto holdings  a result of fair value accounting introduced earlier this year.

Bitcoin's surge was initially fueled by Donald Trump's victory in the November 2024 U.S. presidential election pushing Strategy's stock to new highs and helping it secure a position in the Nasdaq 100 index. 

But the momentum faced headwinds when Trump's administration announced sweeping tariffs that rattled global markets lowering investors’ risk appetite and prompting caution in crypto investments.

Under the new accounting standard Strategy is now required to evaluate its crypto assets based on fair market value at the end of each quarter. Unlike before, we now report unrealized gains and losses based on quarter-end prices  said Andrew Kang, Strategy’s CFO in a post earnings call.

As of April 28, 2025, Strategy holds 553,555 bitcoins, acquired at a total cost of $37.90 billion. With Bitcoin’s price at $82,445 at the end of Q1 the unrealized volatility significantly impacted the company’s reported results.

To strengthen its position Strategy has also launched a bold $21 billion at the market equity offering, with plans to use the proceeds for further Bitcoin acquisition  a move signaling continued faith in the long term value of the cryptocurrency.

Interestingly, GameStop also adopted Bitcoin as a treasury reserve asset in March 2025, highlighting a growing corporate trend of turning to digital assets as an alternative store of value amid economic uncertainty.

Despite the reported losses, Strategy’s stock is up 32% year to date, contrasting with the 6% decline in the broader Nasdaq 100  an indication of investor belief in its long-term vision. $BTC