Strategy, the Leading Bitcoin Treasury Firm Formerly Known as MicroStrategy, Reported a First-Quarter Loss for 2025

Strategy, the leading Bitcoin treasury firm formerly known as MicroStrategy, reported a first-quarter loss for 2025 while announcing plans to raise an additional $21 billion

"Strategy, the leading Bitcoin treasury firm formerly known as MicroStrategy (NASDAQ:MSTR), reported a first-quarter loss as a result of a dramatic decrease in revenue and announced plans to raise an additional $21 billion to fuel future Bitcoin purchases.

The Tysons Corner, Virginia-based company announced its financial results on Thursday evening.

The company’s earnings come as broader markets have seen heightened volatility in 2025. Both the Dow and Nasdaq are currently down over 15% for the year.

The company’s stock closed slightly up on Thursday. Earlier in the day, it rose to $403, putting it just $1 away from its all-time high.

Strategy also disclosed that it will pursue a new $21 billion common stock equity offering, and the proceeds will go towards funding more Bitcoin acquisitions.

"With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space," said Phong Le, Strategy’s President and CEO.

Strategy has already sold around $20.9 billion of its common shares since establishing its at-the-money equity offering program. Only $128 million in common shares are still available for issuance and sale.

Bitcoin Holdings and Performance

Strategy currently owns approximately 554,000 BTC. This massive stockpile is valued at roughly $53 billion based on current market prices.

The company purchased its Bitcoin at an average cost of $68,459 per coin as of April 28. Bitcoin was trading at about $96,600 as of the announcement, up 2.1% over the previous 24 hours.

Strategy’s Chief Financial Officer, Andrew Kang, announced plans to increase the company’s Bitcoin yield target for the year to 25%. The Bitcoin gain target will be raised to $15 billion.

Le highlighted the company’s recent accomplishments, stating, “We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period.”

For the quarter, Strategy reported revenues of $111 million. This figure missed analyst estimates by approximately 5%.

Subscription services proved to be a bright spot, with revenues increasing to $37.1 million, a significant 61.6% surge compared to the same period last year.

The company’s Q1 operating expenses increased dramatically by nearly 2,000% year-on-year to $6 billion. This substantial jump was primarily due to the $5.9 billion unrealized loss on its Bitcoin holdings.

Strategy reported a net loss of $4.2 billion, or about $16.49 per diluted share. This fell short of analyst expectations, who had anticipated a smaller loss of just 11 cents per share.

Strategy’s stock price has seen volatility this year. It's currently down from its November 2024 high of more than $470 per share.

According to data from BitcoinTreasuries.NET, Strategy holds the largest Bitcoin treasury of any public company. Public firms in total own more than $73 billion of Bitcoin, while Bitcoin funds and other institutional investors own an estimated $128 billion.

In October, Strategy announced plans to raise $42 billion through equity and fixed income sales over the next three years. These funds will be used to acquire even more Bitcoin.

The company is aiming to achieve an annualized Bitcoin yield of 15% and an annualized total gain of $10 billion. It is also targeting an increase in its common stock to a total of $84 billion and an addition of $42 billion in fixed income securities by the end of 2025.