Strategy Reports Q1 Loss on Bitcoin Writedown, Launches New $21B Stock Offering

Strategy (MSTR), led by Executive Chairman Michael Saylor, reported a Q1 2025 loss of $16.49 per share, driven by a $5.9 billion bitcoin writedown amid a sharp BTC price decline early in the year. Despite the hit, the company remains aggressive on its Bitcoin strategy.

Alongside earnings, Strategy announced a new $21 billion at-the-market stock offering, having nearly exhausted its previous $21 billion program through recent BTC purchases. The firm continues to expand its bitcoin holdings as part of its capital markets strategy aimed at maximizing shareholder value.

Revenue from Strategy’s software business declined 3.6% year-over-year to $111.1 million, while subscription services surged to $37.1 million, up from $23 million a year earlier. The company posted a “BTC Yield” of 11.0% in the quarter, reflecting increased bitcoin per diluted share. Its “BTC $ Gain” stood at $4.1 billion, bringing it closer to its revised annual goal of $15 billion, up from $10 billion.

As of April, Strategy holds 553,555 BTC purchased at an average price of $68,459, totaling $37.9 billion. At current prices near $96,547, the stash is valued at approximately $53 billion. The company has also raised its BTC Yield target to 25% from 15%, reinforcing its long-term bullish outlook.

President and CEO Phong Le emphasized Strategy’s leadership in adopting a Bitcoin treasury strategy, with over 70 public companies globally now holding BTC. Shares of Strategy are up 27% year-to-date and showed a slight uptick in after-hours trading.

Strategy’s continued bitcoin accumulation and capital strategy signal strong conviction in BTC as a long-term asset.