Company Strategy of Mike Saylor presented its report for the first quarter of 2025.

The aggressive accumulation strategy #BTC continues despite record paper losses at the moment. Since January 2025, a new accounting model has been implemented: fair value accounting. This allowed for the reflection of $12.7 billion of accumulated paper profit, but the report also included $5.9 billion of unrealized losses - due to the volatility of BTC on the closing date of the quarter.

Key figures:

- BTC on the balance sheet as of March 31: 528,185 coins.

- Increase for the quarter: +49,131 BTC.

- Average BTC purchase price: $67,457.

- BTC price at the end of the quarter: $82,445.

- Book value of BTC: $43.5 billion.

Results of the BTC strategy:

- BTC Yield:

+11% for Q1, +13.7% since the beginning of the year (calculated as the increase in the value of the BTC portfolio relative to invested funds).

- Unrealized profit from BTC growth (BTC $ Gain): $4.1 billion for the quarter, $5.8 billion since the beginning of the year.

- Target outlook for 2025: profit forecast from BTC growth raised from $10 billion to $15 billion.

Financial results:

- Net loss: $4.2 billion (-$16.49 per share).

- Total expenses: $6.0 billion (including losses on BTC).

- Revenue from core business: $111 million (-3.6% YoY).

A new step in progress: a plan to raise $21 billion for new BTC purchases. In March, the company signed an agreement to issue up to $21 billion of Class A preferred shares (STRK, do not confuse the abbreviation with the same-named token) under an at-the-market scheme. As of April 28, $75.7 million has been placed, remaining limit - $20.9 billion. The goal is to continue purchasing BTC from the market.

Strategy is finally transforming from a BTC holder into a financial machine, where each new share or bond is fuel for the next coin purchase. In essence, the company is building a quasi-index on BTC within itself: the more expensive its own securities, the more funds it can attract, and the larger its 'crypto stash' becomes.

This cycle works as long as investors believe that the value of BTC and the market capitalization of the company will grow faster than the dilution of existing shareholders' stakes and the increase in debt burden.

The main uncertainty now is not the fluctuations in the BTC rate, as many think, but whether the market will maintain confidence in the model of 'print shares - buy BTC - show paper gains.'

If faith weakens, the mechanism may turn into a downward spiral: falling stock prices will complicate capital raising and force the sale of part of the BTC to service the debt. At least, skeptics and critics of the model have long spoken about the risks of this.