Preview: "Michael Saylor's tech company is expected to post over $13 billion in unrealized gains from its Bitcoin holdings in the second quarter of 2025."
Strategy, the world’s largest corporate holder of Bitcoin, is expected to post mixed financials for the second quarter of 2025.
According to a Bloomberg analysis on Tuesday, the company is projected to report more than $13 billion in unrealized gains for 2Q 2025, driven by its massive crypto holdings. In stark contrast, its core software business is forecast to generate just $112.8 million in revenue, reflecting a widening gap between its digital asset exposure and operational performance.
Data from Bitcoin Treasuries shows that Strategy held 528,185 Bitcoin
as of Mar. 31, worth over $43.5 billion at the time. The company's holdings stood at $56.3 billion Monday, resulting in an unrealized gain of $12.8 billion during the past three months.
A wave of companies has followed Strategy Chairman Michael Saylor’s lead in adding Bitcoin to their assets as the cryptocurrency’s price has increased. As Cointelegraph reported, 250 businesses now hold Bitcoin, with 26 announcing BTC treasury strategies in June.
Additional profits from Strategy’s weekly BTC purchases resulted in another 9% in unrealized gains, or $640 million. According to US Securities and Exchange Commission (SEC) filings, Strategy purchased the tokens for an average price of $97,900 during the period.
An unrealized gain refers to the increase in the value of an asset that a company or investor still holds but hasn’t yet sold. It reflects the potential profit based on current market prices, not actual cash earned.
Despite a 6% drop on Tuesday, Strategy's stock price has soared more than 170% over the past year on the Nasdaq, according to TradingView data.
Related: Few Bitcoin treasury companies will survive ‘death spiral’: VC Report
Saylor boasts Strategy’s performance
In a Tuesday X post, Saylor said the company generated a Bitcoin yield of 7.8% in the second quarter of this year. The Bitcoin yield is the company’s own performance metric, measuring the percentage change in Bitcoin per assumed diluted share.
Related: Michael Saylor’s Strategy premium is not ‘unreasonable’: Adam Back
Strategy is on a buying spree
Strategy has been pushing its Bitcoin strategy in 2025 through weekly purchases. The company acquired 4,980 Bitcoin in late June.
A week earlier, the company disclosed another 245 Bitcoin acquisition for $26 million. This follows the firm's purchase of 705 Bitcoin for $75.1 million between May 26 and 30.
Strategy is financing its Bitcoin purchases through a mix of debt, equity, and preferred stock offerings, an approach that some analysts had labeled as “highly accretive,” while others warn of shareholder dilution.
Magazine: Bitcoin ‘bull pennant’ eyes $165K, Pomp scoops up $386M BTC: Hodler’s Digest, June 22 – 28
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