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Strategy™ (Nasdaq: MSTR/STRK/STRF) reported robust Q1 2025 financial results. During the quarter, the company added 301,335 BTC through a record $21 billion at-the-market (ATM) common stock offering. This raised its total Bitcoin holdings to 528,185 BTC, reinforcing its status as the largest corporate Bitcoin holder.

Strategy announces BTC Yield of 13.7% and BTC $ Gain of $5.8B year-to-date, doubles capital plan to $42B equity and $42B fixed income to purchase bitcoin, and increases BTC Yield target from 15% to 25% and BTC $ Gain target from $10B to $15B. $MSTR $STRK $STRF

— Strategy (@Strategy) May 1, 2025

The company recorded a BTC Yield of 11.0% in Q1 and 13.7% year-to-date as of April 28, 2025. This puts it on track to exceed its initial annual target of 15%, prompting Strategy to increase its 2025 BTC Yield goal to 25%. The firm also achieved a BTC $ Gain of $5.8 billion year-to-date, meeting 58% of its annual $10 billion target, which has now been revised upward to $15 billion.

Fair Value Accounting Boosts Retained Earnings

On January 1, 2025, Strategy adopted ASU 2023-08, transitioning to fair value accounting for its digital assets. This change led to a $12.7 billion uplift in retained earnings. However, due to a quarter-end Bitcoin price of $82,445, the company recorded a $5.9 billion unrealized fair value loss on digital assets in Q1.

At the time of writing, Bitcoin is currently trading at $$96,686.76 , Strategy expects a fair value gain of approximately $8.0 billion in Q2 2025.

Capital Raises Drive Bitcoin Accumulation

Strategy significantly broadened its capital base in Q1 by combining equity offerings and convertible notes. These included:

• $4.4B in Q1 and $2.2B post-Q1 from the class A common stock ATM program.
• $1.99B in net proceeds from the 0% Convertible Senior Notes issuance due 2030.
• $563.2M from the IPO of 8.00% Series A Perpetual Strike Preferred Stock.
• $30.4M in Q1 and $45.3M post-Q1 through the STRK ATM program.
• $710.9M from the IPO of 10.00% Series A Perpetual Strife Preferred Stock.

In January, shareholders approved a significant increase in authorized shares, rising to 10.3 billion for class A common stock and 1.005 billion for preferred stock.

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