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Strategy Raising Another $21B to Buy Bitcoin, Posts Large Q1 Loss on BTC Price Decline
The company boosted its BTC Yield target to 25% from 15% and its BTC $ Gain Target to $15 billion from $10 billion.
Updated May 2, 2025, 1:20 p.m. Published May 1, 2025, 8:27 p.m.
What to know:
- 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.
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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.
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