Strategy Reports $14 Billion Q2 Bitcoin Profit, Launches $4.2 Billion STRD Preferred Offering

What to Know

• Strategy posted an estimated $14.05 billion unrealized gain on its massive bitcoin holdings for Q2 2025.
• The company’s BTC stash is now valued at roughly $64.36 billion after bitcoin surged about 30% during the quarter.
• Strategy has launched a new $4.2 billion at-the-market (ATM) offering for its 10% Series A Perpetual STRD Preferred Stock.
• Proceeds from the STRD offering are planned to fund more bitcoin purchases, general operations, and dividend payments.

Strategy’s Bitcoin Bet Pays Off With Massive Q2 Gains

Strategy (MSTR), the Michael Saylor-led bitcoin giant, is once again proving its bold BTC accumulation strategy can deliver staggering paper profits during a bull run. According to a fresh filing released Monday morning, Strategy expects to post an unrealized gain of about $14.05 billion on its bitcoin holdings for the second quarter of 2025 alone.

Fueled by a roughly 30% surge in bitcoin’s price from $82,000 to above $108,000 during the April-to-June period, the company’s total carrying value for its BTC stash has now climbed to $64.36 billion. The holding, now topping 500,000 BTC, remains one of the largest corporate bitcoin treasuries in the world.

Capital Markets Activity Adds to War Chest

In addition to the huge on-paper profit, Strategy aggressively tapped capital markets in Q2. The company raised approximately $6.8 billion in net proceeds through various vehicles — including preferred stock sales and at-the-market offerings of its class A common shares.

According to the filing, Strategy still retains significant capacity to issue more stock under its standing programs. As of June 30, it had about $18.1 billion remaining under its 2025 Common ATM facility, another $20.5 billion under the STRK ATM, and about $1.9 billion left under the STRF ATM.

New $4.2 Billion STRD Preferred Stock Offering

On top of its existing capital plans, Strategy announced on Monday a fresh at-the-market program for its 10% Series A Perpetual Stride Preferred Stock — trading under the ticker STRD. The sales agreement gives the company the flexibility to issue and sell up to $4.2 billion worth of STRD shares over time.

The structure of an ATM program allows the company to sell shares gradually, based on prevailing trading prices and daily volume, rather than issuing all shares in one block. This flexible approach is commonly used to manage dilution while raising large sums for expansion.

Where Will the New Funds Go?

Proceeds from this new STRD Preferred ATM will be directed toward the company’s well-known core mission — buying more bitcoin. In addition, Strategy said the funds could support general corporate purposes such as working capital needs and potential dividend payments to holders of its 10% STRD Preferred Stock and its separate 8% Series A Strike Preferred Stock.

Michael Saylor’s long-running vision has centered on converting as much fiat capital as possible into bitcoin, positioning Strategy as a kind of hybrid public company and bitcoin ETF alternative. That strategy has polarized analysts and investors for years but paid off spectacularly during crypto bull cycles.

STRD Shares Climb While MSTR Slips

Shares of STRD are already up about 6% since they first launched on June 11. Meanwhile, Strategy’s class A common shares (MSTR) slipped slightly — down about 1.2% in pre-market trading Monday as bitcoin prices eased slightly from late last week’s highs.

Bitcoin itself continues to trade strongly, hovering just above $108,300 at the time of writing. Despite a slight pullback from weekend levels above $109,000, BTC remains in an uptrend that has been supported by institutional inflows, renewed ETF interest, and growing demand from large corporate treasury buyers.

Bitcoin Performance Fuels Strategy’s Bold Moves

The crypto market’s rebound in Q2 has reignited bullish momentum for companies like Strategy, which hold vast BTC reserves as a core business pillar. Bitcoin’s rise from sub-$83,000 levels back to $108,000 in just three months has translated directly into eye-watering unrealized gains for Strategy’s balance sheet.

While unrealized profits can always shrink if bitcoin retraces, the consistent pattern of raising capital to buy more BTC has so far amplified Strategy’s long-term bet that bitcoin will remain the best-performing asset over the next decade.

How This Fits Into the Broader Corporate BTC Trend

Strategy’s aggressive moves continue to influence how other public companies think about holding bitcoin on the balance sheet. The company’s repeated ability to raise billions through stock sales, then park that capital into BTC, effectively creates a leveraged exposure that’s popular with certain institutional investors who want more than a passive spot ETF.

As more firms explore similar treasury strategies — and as bitcoin ETFs gain ground globally — Strategy’s capital raising maneuvers and giant BTC stash keep it in the spotlight as a proxy for bullish sentiment in the broader crypto market.

Strategy’s Next Steps

Looking ahead, Strategy still has substantial firepower under its multiple ATM programs. If the company continues to issue new STRD Preferred shares at favorable prices, it could easily deploy billions more into bitcoin acquisitions through the remainder of 2025.

Investors and crypto market watchers alike will be closely tracking whether Strategy increases its BTC purchases with the new capital and how bitcoin’s price trend supports or challenges the company’s bold leverage model.

Final Takeaway

Strategy’s second-quarter results show the power — and risk — of its unwavering bitcoin accumulation play. With a fresh $4.2 billion preferred ATM offering ready to go, the company appears determined to expand its digital asset holdings even further in the months ahead.

As the crypto market eyes potential new highs, all eyes are on whether Strategy’s gamble will keep paying off — or if bitcoin’s notorious volatility will test the limits of its balance-sheet strategy once again.

Frequently Asked Questions (FAQ)

How much bitcoin does Strategy hold?

As of June 30, 2025, Strategy holds more than 500,000 BTC, with a total carrying value of about $64.36 billion following recent price gains.

What is the new STRD Preferred Stock ATM Offering?

The $4.2 billion STRD Preferred Stock at-the-market (ATM) offering allows Strategy to gradually issue and sell shares of its 10% Series A Perpetual Stride Preferred Stock, using proceeds to buy more bitcoin and fund general corporate needs.

Why did Strategy’s bitcoin holdings gain so much value in Q2?

Bitcoin’s price rose roughly 30% in the second quarter, from around $82,000 to above $108,000, boosting the unrealized value of Strategy’s large BTC treasury.

What does Strategy plan to do with the money raised?

Strategy plans to use proceeds from the STRD ATM to purchase more bitcoin, support working capital, and potentially pay dividends to preferred stockholders.

Is Strategy’s stock affected by bitcoin’s price?

Yes. Strategy’s stock price (MSTR) often moves in line with bitcoin’s price because the company’s balance sheet and business model are heavily tied to BTC performance.

Where can I read more about Strategy’s bitcoin strategy?

For more news and updates on Strategy’s bitcoin plans, click here.