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Strategy Raising Another $21B to Buy Bitcoin, Posts Large Q1 Loss on BTC Price Decline
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James Van Straten
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By James Van Straten, Helene Braun|Edited by Stephen Alpher
Updated May 1, 2025, 8:37 p.m. Published May 1, 2025, 8:27 p.m.
- Strategy reported a first quarter loss of $4.2 billion or $16.49 per share thanks to a decline in the price of bitcoin.
- The company announced a new $21 billion at-the-market common stock equity offering.
- The company owned 528,185 BTC at quarter’s end, a number that’s since risen to 553,555.
Disclaimer: The analyst who co-wrote this piece owns shares of Strategy (MSTR).
Strategy (MSTR) reported a first-quarter 2025 loss of $16.49 after posting a $5.9 billion writedown on its bitcoin stack thanks to a sizable decline in the price of BTC during the year’s first three months.
STORY CONTINUES BELOW
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Led by Executive Chairman Michael Saylor, the company, though, shows no signs of slowing its pace of bitcoin acquisitions. Having used up nearly all of its previous $21 billion common stock offering with its most recent BTC buys last week, the company alongside earnings announced a fresh $21 billion at-the-market offering.
Turning to its software business, revenue for the quarter fell 3.6% to $111.1 million from $115.2 million the year before. Subscription services revenue for the quarter came in at $37.1 million, compared with $23.0 million in the year prior.
During the quarter, Strategy achieved an 11.0% “BTC Yield”, reflecting growth in bitcoin (BTC) holdings relative to diluted shares outstanding. The “BTC $ Gain” for the quarter was around $4.1 billion, moving the company closer toward its target of a $10 billion gain for the year.
The company lifted its long-term target for BTC Yield to 25% from 15% and for BTC $ Gain to $15 billion from $10 billion.
Shares of the company are trading 27% higher year-to-date. Bitcoin is trading around $96,547, about 2.5% higher over the past 24 hours.
Including April purchases, the company holds 553,555 bitcoin acquired for $37.9 billion or $68,459 each. That stack is worth roughly $53 billion at the current price.
“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.” Phong Le, president and CEO of Strategy, said in a statement.
Shares are marginally higher in after hours trading.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
