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By James Van Straten, Helene Braun|Edited by Stephen Alpher
Updated May 2, 2025, 7:30 a.m. Published May 1, 2025, 8:27 p.m.
- Strategy reported a first-quarter loss of $4.2 billion, or $16.49 per share, following a decline in the price of bitcoin.
- The company announced a new $21 billion at-the-market common stock equity offering.
- The company owned 528,185 BTC at quarter’s end, a number that’s since risen to 553,555.
Disclaimer: The analyst who co-wrote this piece owns shares of Strategy (MSTR).
Strategy (MSTR) reported a first-quarter 2025 loss of $16.49 after posting a $5.9 billion writedown on its bitcoin (BTC) stack following a sizable decline in the price of BTC during the year’s first three months.
STORY CONTINUES BELOW
Led by Executive Chairman Michael Saylor, the company, though, shows no signs of slowing its pace of bitcoin acquisitions. Having used up nearly all of its previous $21 billion common stock offering with its most recent BTC buys last week, the company also announced a fresh $21 billion at-the-market offering.
Turning to its software business, revenue for the quarter fell 3.6% to $111.1 million from $115.2 million the year before. Subscription services revenue for the quarter came in at $37.1 million, compared with $23.0 million in the year prior.
During the quarter, Strategy achieved an 11.0% “BTC Yield”, reflecting growth in bitcoin holdings relative to diluted shares outstanding. The “BTC $ Gain” for the quarter was around $4.1 billion, moving the company closer toward its target of a $10 billion gain for the year.
The company lifted its long-term target for BTC Yield to 25% from 15% and for BTC $ Gain to $15 billion from $10 billion.
Shares of the company are trading 27% higher year-to-date. Bitcoin is trading around $96,547, about 2.5% higher over the past 24 hours.
Including April purchases, the company holds 553,555 bitcoin acquired for $37.9 billion or $68,459 each. That stack is worth roughly $53 billion at the current price.
“Our capital markets strategy continues to grow our Bitcoin holdings while delivering superior shareholder value. With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space.” Phong Le, president and CEO of Strategy, said in a statement.
Shares are marginally higher in after hours trading.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
