Michael Saylor’s Strategy has stunned Wall Street critics as the once-struggling software and business intelligence firm recorded approximately $14 billion in unrealized gains during the second quarter, elevating it to the exclusive tier of corporate giants, including Amazon.com Inc. and JPMorgan Chase & Co.
This prestigious position is typically reserved for a handful of U.S. companies whose operating profits exceed $10 billion quarterly by generating billions in revenue.
According to a July 1 Bloomberg report, Strategy (formerly known as MicroStrategy) has now secured membership in this Wall Street elite circle.
Michael Saylor’s Strategy to Join Wall Street Elite With $14 Billion Windfall https://t.co/TUXH3nEpy9
— Michael Saylor (@saylor) July 1, 2025
The dramatic turnaround from near-obscurity stems from Bitcoin’s price recovery in April and May and a recent accounting methodology change at Strategy regarding the valuation of its substantial cryptocurrency holdings.
Per Bloomberg projections, Strategy is expected to generate approximately $112.8 million in second-quarter revenue from its traditional software operations.
Critics Double Down on Saylor’s Bitcoin Treasury Strategy Despite Record Performance
The anticipated record profit for the quarter ending June 30 comes amid intensified criticism from prominent skeptics, including renowned short-seller Jim Chanos.
During a recent Odd Lots podcast episode titled “On the Absurdity of Bitcoin Treasury Companies,” Chanos criticized Strategy’s treasury strategy and advised investors to short MSTR stock while purchasing Bitcoin directly, betting that the large premium the stock commands over its token holdings will eventually contract.
Noted short-seller Jim Chanos is now shorting shares of Strategy (formerly @MicroStrategy) while simultaneously buying Bitcoin directly.#JimChanos #Bitcoinhttps://t.co/EKkOhUWttz
— Cryptonews.com (@cryptonews) May 15, 2025
Chanos shared Strategy’s latest Bitcoin acquisition data, commenting: “It looks like Saylor will be happy to sell you some more MSTR stock, as he tapped the common equity ATM for over half a billion dollars again last week.”
In that case, it looks like Saylor will be happy to sell you some more $MSTR stock, as he tapped the common equity ATM for over half a billion dollars again last week. pic.twitter.com/N8Sp0t26yO
— James Chanos (@RealJimChanos) June 30, 2025
The Wall Street investor also revealed insider information suggesting that Strategy was being considered for S&P 500 inclusion, though this decision has reportedly been delayed until September.
However, Saylor maintains that most critics fundamentally misunderstand Strategy’s business model.
He has faced criticism for over four years, yet his company has dramatically outperformed both single stocks and the broader S&P 500 index.
Strategy’s shares (MSTR) have skyrocketed more than 3,130% since Saylor initiated Bitcoin purchases in mid-2020 as an inflation hedge.
Source: Google Finance
During the same timeframe, Bitcoin has gained approximately 1,000%, while the S&P 500 has risen around 115%.
THIS IS F*CKING POWER!!! 
$MSTR UP 1,540% VS S&P 500’S 111% SINCE 2020.
THE #BITCOIN STRATEGY CAN’T BE BEATEN!!! pic.twitter.com/xWFNtH277H
— Kyle Chassé / DD
(@kyle_chasse) October 16, 2024
The stock rose 40% in the second quarter, outperforming the S&P’s 11% gain.
Recall that Strategy concluded its strongest month since November 2024 with a 32% surge in April, closing at $380.11, up from $288 at the period’s start.
Strategy Accounting Changes Drive Q2 Profitability as Corporate Bitcoin Adoption Spreads
Strategy’s substantial Bitcoin holdings are beginning to translate into profitability primarily due to anticipated modifications in cryptocurrency asset accounting regulations.
Despite widespread awareness of the accounting methodology change, the first-quarter loss has attracted several class-action lawsuits alleging that Strategy executives made false and misleading statements that harmed shareholders.
Strategy stated its intention to “vigorously defend against these claims” in a recent Securities and Exchange Commission filing.
Saylor’s Bitcoin accumulation strategy has inspired numerous imitators seeking to replicate his success.
Other companies are also adapting the approach for different cryptocurrency tokens.
For example, SharpLink Gaming Inc. is accumulating Ether, the second-largest cryptocurrency, while Upexi Inc. recently raised $100 million to purchase Solana tokens.
SharpLink Gaming has emerged as the world’s largest publicly traded holder of Ethereum (ETH), after acquiring 176,271 ETH for $463 million. #ETH #Sharplinkhttps://t.co/ynahjYt7Hd
— Cryptonews.com (@cryptonews) June 13, 2025
A group of hedge fund executives recently attempted to raise $100 million to acquire BNB, Binance’s native token, through a publicly traded vehicle.
Most recently, BitMine Immersion Technologies’ stock soared 511% after announcing a $250 million private placement dedicated entirely to Ethereum accumulation as part of its Ether treasury strategy.
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