Strategy (formerly MicroStrategy) is undoubtedly the leading corporate holder of Bitcoin. Despite halting new Bitcoin purchases this past week, the company reported a remarkable $14.05 billion fair value gain on its holdings for the second quarter of 2025.
With 597,325 BTC on its books, acquired for about $42.4 billion, the firm’s bet on Bitcoin continues to deliver considerable paper returns. The decision to hold rather than accumulate during the week of June 30 through July 6 followed a 12-week streak of regular acquisitions, with executive chairman Michael Saylor commenting, “Some weeks you just need to HODL”.
Q2 Rebound Reverses Q1’s $5.9B Fair Value Hit
As of today, Strategy owns 597,325 BTC, purchased at an average cost of $70,982 per coin. The company spent approximately $42.40 billion accumulating this massive digital asset reserve.
At current market rates of just over $108,000 per coin, that stash is worth between $64 and $65 billion, making Strategy the largest corporate Bitcoin holder in the world by a wide margin.
The scale of appreciation this quarter stands in sharp contrast to Q1 2025, which recorded a markdown of $5.9 billion due to updated accounting standards. The change to real-time fair value reporting significantly impacts quarterly performance visibility. Even after subtracting a $4.04 billion deferred tax expense and carrying a $6.31 billion deferred tax liability, the company’s position remains strongly in the green.
In financial terms, the Bitcoin appreciation added meaningful unrealized value to Strategy’s balance sheet. Although not yet realized as cash, these figures have driven renewed interest from investors tracking both digital assets and the firm’s overall equity performance.
Read also: Will Strategy Have to Sell Part of Its Bitcoin Stack?
Strategy Raises Nearly $1B with STRD Stock Launch
To finance its continued interest in Bitcoin and support corporate functions, Strategy introduced the STRD stock program. Officially titled 10.00% Series A Perpetual Stride Preferred Stock, STRD was launched with an offering capacity of up to $4.2 billion. Shares opened at $85 each and have already brought in about $979.7 million in gross proceeds.
This class of stock offers a non-cumulative 10% dividend, subject to board approval, meaning distributions are not guaranteed. If declared, the payments can align closely with Strategy’s financial results, which are heavily influenced by Bitcoin’s market movements.
Alongside STRD, other capital sources such as STRK, STRF, and common stock at-the-market offerings have expanded the firm’s financial base. Analysts have pointed out that the structure avoids common stock dilution, allowing Bitcoin exposure through yield-generating instruments. This alternative format for tapping equity markets broadens investor participation while maintaining upside potential for long-term holders.
Read also: What If MicroStrategy Sold All Their Bitcoins?
No Bitcoin added in Early July pause
During the final week of June into early July, Strategy paused its Bitcoin buying activity. This break ended a 12-week stretch where the company had consistently added to its holdings. The most recent acquisition, 4,980 BTC for $531.9 million, took place near the end of June and brought the total count to its current level.
Price fluctuations in that period may have influenced the pause. Bitcoin dipped to $105,400 on July 2 before briefly topping $110,000 three days later. The firm has previously paused purchases when prices fell below thresholds, such as in April when the price dropped under $87,000.
There were no signs of funding constraints behind this latest hold. Strategy did not issue new common or preferred stock during the same week, and its strong capital position remains intact. Executive Chairman Saylor emphasized patience with his short statement on social media. Analysts interpreted the pause as a possible accounting tactic or timing move, rather than any shift in corporate policy.
