title: Michael Saylor's Bitcoin-buying firm, Strategy, reported a first-quarter loss of $16.49 per common share

Michael Saylor's firm, Strategy (NASDAQ: MSTR), reported a first-quarter loss of $16.49 per common share due to a sizable BTC price drawdown during the span.

The company recorded a loss of $5.9 billion on its massive Bitcoin stack in Q1 2025 following the adoption of an accounting change that requires valuing the firm’s holdings at market prices.

However, Strategy is pushing ahead with plans to raise $21 billion through an at-the-market equity offering to finance its bold Bitcoin strategy.

Strategy’s Bitcoin Buying Spree

Strategy said on Thursday that it would be issuing a new $21 billion common stock equity offering, with the company’s Executive Chairman, Michael Saylor, revealing on X that the funding would go towards future Bitcoin purchases.

“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, president and CEO of Strategy, in an official statement.

Strategy, which pivoted from business intelligence to focus on accumulating Bitcoin, currently owns 553,555 BTC, valued at approximately $53 billion based on prevailing prices.

The company, steered by Bitcoin bull Saylor, shows no signs of slowing its pace of BTC buys. Having nearly depleted all of its previous $21 billion common stock offering with its most recent BTC buys last week.

“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,” Le remarked.

Along with the latest capital raise, Strategy also reported a year-to-date BTC Yield of 13.7%, a proprietary performance metric measuring the percentage change in Bitcoin per diluted share. The company’s BTC $ Gain for Q1 stood at $4.1 billion, nearly halfway toward its $10 billion target for the year.

Strategy is now even more ambitious. It raised its BTC Yield target to 25% from 15% and upped its BTC $ Gain target to $15 billion. Le credited the momentum to “successful capital execution”.

Bitcoin was trading at $96,973 at press time, showing a 0.8% increase for the day, according to data from CoinGecko. The flagship cryptocurrency is still lagging by 10.9% from its current all-time high of nearly $109,000, which was reached in January.