Strategy reports record net income in Q2, files $4.2 billion STRC offering to buy bitcoin

The Block

2025-08-01 04:36:18

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Strategy's (ticker MSTR) second-quarter 2025 financial results showed record operating income as the Bitcoin treasury company rode BTC's ride to all-time highs. The company also eclipsed its full-year BTC Yield target of 25%, well ahead of its projections, and its dollar gains now exceeds $13 billion.

"These financial results, built upon the scale and performance of our bitcoin balance sheet, are at all-time highs for the company and rank among the most successful quarterly results across the largest public companies in the world," said Chief Financial Officer Andrew Kang.

Total revenues for the quarter came in at $114.5 million, a 2.7% increase year-over-year. Operating income was approximately $14.03 billion, up 7,106% from the year-ago quarter. This includes an unrealized gain on Strategy's digital assets, which was $14 billion.

This is the second quarterly reporting period in which the company has applied fair value accounting. Digital asset impairment losses for the second quarter of 2024, determined by the cost-less-impairment accounting model Strategy was subject to before Jan. 1, 2025, were $180 million.

Income from operations was $14.03 billion, compared to a loss of $200.3 million in the second quarter of 2024. Net income was $10.02 billion, or $32.60 per common share on a diluted basis, as compared to a net loss of $0.57 per share last year.

As of July 30, Strategy holds 628,791 BTC at a total cost of $46.07 billion, or $73,277 per bitcoin. Nearly in conjunction with the earnings release, Strategy filed for a $4.2 billion STRC offering and will use the proceeds to acquire more bitcoin.

The company is raising its full-year BTC Yield and "BTC $ Gain" targets to 30% and $20 billion, respectively.

"With the July IPO of STRC, we introduced the world’s first Treasury Preferred Stock ... engineered for price stability and designed to deliver short-duration, high-yield to a new class of investors," said Executive Chairman Michael Saylor. "STRC expands our capital markets platform with an instrument engineered to balance stability and yield, and it reflects our commitment to developing innovative financial products that extend the reach of the Bitcoin economy."

STRC will accumulate cumulative dividends at a variable rate per annum on the stated amount of $100 per share. STRC joins three other perpetual preferred shares that have no maturity date, but offer fixed dividend payments for as long as the company continues to operate.

Earlier this week, TD Cowen analysts noted that over a 10‑year horizon, Strategy could add over 17,000 BTC to its treasury "without any corresponding common equity dilution," even after factoring in the common stock that may need to be issued to fund cash dividends associated with the variable rate preferred offering.

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