Strategy announced $14.3 billion in operating income and $10.1 billion in net income for the second quarter of 2025. The results were largely driven by the increase in the fair market value of its Bitcoin holdings, which were marked to market for the first time under new accounting standards.
Bitcoin Holdings and Valuation Gains
As of July 29, 2025, the company held 628,791 BTC acquired at an average cost of $73,277 per coin. Year-to-date, the firm has added 122,478 BTC. The mark-to-market change resulted in a recognized gain of approximately $13 billion during the quarter. Strategy projects that this figure could reach $20 billion by the end of the year if current trends continue.
Capital Raises and Equity Programs
In Q2 and July, Strategy raised over $10 billion through stock offerings. The funds were used primarily to acquire additional Bitcoin. The company also launched a new preferred equity product, STRC, designed to provide monthly dividends while supporting its Bitcoin acquisition model. According to filings, the goal is to broaden the investor base to include those seeking income while maintaining the company’s core Bitcoin strategy.
Read also: What If MicroStrategy Sold All Their Bitcoins?
Year-End Outlook
Strategy is projecting $34 billion in operating income by the end of 2025, assuming Bitcoin reaches $150,000. Management has indicated that the company will continue to use capital markets activity as a mechanism to increase its Bitcoin holdings while adhering to the BPS issuance framework.
