- 13.7% “BTC Yield” achieved in 2025 YTD
- 61,497 “BTC Gain” achieved in 2025 YTD
- $5.8 billion “BTC $ Gain” achieved in 2025 YTD
- 553,555 bitcoin holdings at a total cost of $37.90 billion, or $68,459 per bitcoin, as of April 28, 2025
- Announces a new $21 billion at-the-market (ATM) common stock equity offering
- Increasing 2025 “BTC Yield” target from 15% to 25%
- Increasing 2025 “BTC $ Gain” target from $10 billion to $15 billion
TYSONS CORNER, Va., May 1, 2025 – MicroStrategy® Incorporated d/b/a Strategy™ (Nasdaq: MSTR/STRK/STRF) (“Strategy” or the “Company”), the largest corporate holder of bitcoin and the world’s first Bitcoin Treasury Company, today announced financial results for the three-month period ended March 31, 2025 (the first quarter of its 2025 fiscal year).
“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. In Q1, we also broadened our capital base with two of the most successful preferred stock IPOs in a decade. 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.” said Phong Le, President and Chief Executive Officer.
“We are thrilled to report a strong start to the year with a year-to-date “BTC Yield” of 13.7%, achieving over 90% of our 2025 target in just the first four months of the year. Our year-to-date “BTC $ Gain” of $5.8 billion also meets 58% of our annual target, demonstrating the effectiveness of our Bitcoin strategy. With the strong momentum in the market and our successful execution of our treasury operations thus far this year, we are increasing our 2025 “BTC Yield” target to 25% and our 2025 “BTC $ Gain” target to $15 billion. Also in Q1, we adopted the long-awaited fair value accounting for our Bitcoin holdings, which resulted in a significant $12.7 billion uplift in the beginning balance of retained earnings. And despite recognizing an unrealized loss in Q1 due to a quarter-end Bitcoin price of $82,445, the current approximate $97,300 Bitcoin price would imply a fair value gain of roughly $8.0 billion thus far in Q2.” said Andrew Kang, Chief Financial Officer.
Bitcoin Treasury Highlights
- “BTC Yield” KPI: Achieved BTC Yield of 11.0% in Q1 and 13.7% year-to-date (as of April 28, 2025), compared to the full year 2025 target of 15%.
- “BTC Gain” KPI: Achieved BTC Gain of 49,131 in Q1 and 61,497 year-to-date (as of April 28, 2025).
- “BTC $ Gain” KPI: Achieved BTC $ Gain of $4.1 billion in Q1 (based on a bitcoin price of $82,445 as of March 31, 2025) and $5.8 billion year-to-date (based on bitcoin price of approximately $95,000 as of April 28, 2025), compared to the full year 2025 target of $10 billion.82
- Digital Assets: As of March 31, 2025, the Company’s digital assets were comprised of approximately 528,185 bitcoins, with an original cost basis and market value of $35.6 billion and $43.5 billion, respectively, which reflects an average cost per bitcoin of approximately $67,457 and a market price per bitcoin of $82,445, respectively.
- On January 1, 2025, the Company adopted ASU 2023-08 which requires that bitcoin holdings are remeasured at fair value with gains and losses from change in the fair value of bitcoin recognized in net income (loss) at each reporting period.
- As a result of the adoption of ASU 2023-08, a cumulative net increase was applied to the opening balance of retained earnings as of January 1, 2025 of $12.7 billion. During the first three months ended March 31, 2025, the Company recorded an unrealized fair value loss on digital assets of $5.9 billion.
- Capital Markets Update: The Company received aggregate net proceeds of approximately $7.7 billion during the three months ended March 31, 2025, and additional aggregate net proceeds of approximately $2.3 billion between April 1, 2025 and April 28, 2025, from the following transactions:
- Common Stock ATM Offering: During the three months ended March 31, 2025, the Company received aggregate net proceeds of approximately $4.4 billion through the issuance and sale of 12,624,595 shares of its class A common stock. Between April 1, 2025 and April 28, 2025, the Company received aggregate net proceeds of approximately $2.2 billion through the issuance and sale of an additional 6,734,712 shares of its class A common stock. As of April 28, 2025, approximately $128.7 million remained available under the October 2024 at-the-market class A common stock equity offering program.
- Issuance of 2030B Convertible Notes: In February 2025, the Company issued $2.0 billion in 0% Convertible Senior Notes due 2030 with an initial conversion price of $433.43 per share of class A common stock, for net proceeds of approximately $1.99 billion.
- IPO of Perpetual Strike Preferred Stock: In January 2025, the Company received net proceeds of approximately $563.2 million through the issuance and sale of 7,300,000 shares of 8.00% Series A Perpetual Strike Preferred Stock (the “STRK Shares”) at a public offering price of $80.00 per share.
- Perpetual Strike Preferred Stock ATM Offering: In March, 2025, the Company entered into an agreement (the “STRK ATM”) to issue and sell up to $21 billion of STRK Shares. Through March 31, 2025, the Company received aggregate net proceeds of approximately $30.4 million through the issuance and sale of 349,907 STRK Shares. Between April 1, 2025 and April 28, 2025, the Company received aggregate net proceeds of approximately $45.3 million through the issuance and sale of an additional 526,282 STRK Shares As of April 28, 2025, approximately $20.9 billion remained available under the STRK ATM.
- IPO of Perpetual Strife Preferred Stock: In March 2025, the Company received net proceeds of approximately $710.9 million through the issuance and sale of 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock at a public offering price of $85.00 per share.
- Increase in Authorized Class A Common Stock and Preferred Stock: In January 2025, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation increasing the number of authorized shares of class A common Stock from 330,000,000 to 10,330,000,000 and the number of authorized shares of preferred stock from 5,000,000 to 1,005,000,000.
- Redemption and Conversions of 2027 Convertible Notes: In January 2025, the Company delivered a notice of redemption of its 0% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) for redemption of all $1.05 billion in aggregate principal amount of the 2027 Convertible Notes outstanding. The Company received conversion requests for substantially all of the $1.05 billion of the 2027 Convertible Notes, and issued 7,373,528 shares of class A common stock in settlement of the conversion requests, and redeemed the remaining $0.1 million aggregate principal amount of the 2027 Convertible Notes. As of March 31, 2025, all 2027 Convertible Notes have been converted or redeemed and are no longer outstanding.