Strategy reported first-quarter financial results Thursday afternoon, missing on both the top and bottom line.
Operating expenses for the quarter reached $6 billion, up more than 1,100% year-over-year. This is due in large part to unrealized losses on its btcoin holdings worth $5.91 billion after spending about $7.66 billion buying 80,715 BTC during the first quarter.
The company reported a net loss of $4.2 billion, or $16.49 per diluted share. Analysts expected a loss of $0.11 per share.
The company recorded total revenues of $111.1 million, which missed consensus estimates by about 5% and were down 3.6% from last year. Subscription services revenue grew 61% to $37.1 million. As of March 31, the company had cash and cash equivalents of $60.3 million.
Strategy currently holds 553,555 bitcoin with a market value of about $52 billion.
“Stay humble. Stack sats,” Chairman Michael Saylor said Sunday in a post on X.
Strategy also announced a new $21 billion at-the-market offering, something K33 analysts predicted might happen as the company’s current $21 billion equity program and $21 billion in fixed-income securities offerings are nearly depleted.
The company reported a year-to-date BTC Yield of 13.7%, a measure it uses to assess the performance of its bitcoin strategy. As the firm describes it, “BTC Yield is a key performance indicator (KPI) that represents the percentage change period-to-period of the ratio between the company’s bitcoin holdings and its Assumed Diluted Shares Outstanding.”
Strategy’s “BTC Gain” came in at 61,497 year to date, along with a $5.8 billion “BTC $ Gain.” BTC Gain represents the number of bitcoins held by the company at the beginning of a period multiplied by the BTC Yield for such period. The firm is increasing its 2025 “BTC $ Gain” target from $10 billion to $15 billion.
“Our business model is to securitize Bitcoin,” Saylor said last month on a webinar hosted by The Block. “We’ll just keep buying.”
Strategy’s stock (ticker MSTR) is up 30% in the year-to-date period, closing Thursday’s session at $381.60 per share. The company has a market cap of $104 billion.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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