Strategy, the tech firm led by Bitcoin evangelist Michael Saylor, is on track to post over $13 billion in unrealized gains from its Bitcoin holdings in Q2 2025, according to a Bloomberg analysis. Yet, the company’s core software business continues to underperform, with projected quarterly revenue at just $112.8 million.
As of March 31, Strategy held 528,185 Bitcoin, valued at over $43.5 billion. By Monday, the total had swelled to $56.3 billion, reflecting a $12.8 billion gain driven by Bitcoin’s recent price surge. Weekly BTC purchases added another estimated $640 million in unrealized profits, with an average buy-in price of $97,900, according to SEC filings.
Despite a 6% drop in stock price on Tuesday, Strategy shares remain up 170% over the past year on the Nasdaq. The firm continues to lean heavily into its crypto strategy, executing regular Bitcoin purchases backed by debt and equity offerings.
Chairman Michael Saylor remains bullish. In a Tuesday post on X, he reported a 7.8% Bitcoin yield for the quarter—a metric Strategy uses to reflect Bitcoin growth per diluted share.
Still, analysts are split. Some see the aggressive buying as “highly accretive,” while others warn of potential shareholder dilution. Meanwhile, Strategy’s $112.8 million in software revenue highlights its growing dependence on Bitcoin performance as its core business lags behind.
The company is expected to officially report Q2 earnings in the coming weeks.
$BTC #StrategyBTCPurchase
