Strategy (formerly MicroStrategy) has doubled down on its Bitcoin strategy, increasing its capital plan to $84 billion despite a $4.2 billion net loss in Q1 2025. The firm’s aggressive move underscores its commitment to Bitcoin as a long-term strategic asset.
The Q1 loss is attributed to a $5.9 billion unrealized loss caused by a change in accounting rules that now require companies to mark digital assets to fair market value. This change increased reported volatility but did not affect Strategy’s actual BTC holdings.
Massive Capital Raise in Motion
To fund this expanded acquisition plan, Strategy is pursuing both equity offerings and debt issuance:
- The company recently filed to sell an additional $21 billion in common stock, following a similar-sized offering in October 2024.
- In parallel, it aims to issue up to $42 billion in convertible debt, doubling its original target. Roughly $14.6 billion remains unissued under its existing program.
As of April 28, 2025, Strategy owns 553,555 BTC, acquired at an average price of $68,459, representing an investment of approximately $37.9 billion (source).
Higher Targets for 2025
In light of its aggressive positioning, Strategy has raised its performance goals:
- BTC yield target raised from 15% to 25%
- Dollar gain target increased from $10B to $15B
These revised objectives reflect the company’s continued belief in Bitcoin’s upside potential.
Investor Confidence Remains
Despite the quarterly loss, Strategy’s stock has gained 32% year-to-date, outperforming broader indices like the Nasdaq 100, which is down nearly 6% YTD. The firm’s steadfast focus on Bitcoin continues to distinguish it as one of the boldest institutional adopters.
With Bitcoin currently trading around $97,000, Strategy’s actions could set the tone for other corporations considering significant exposure to BTC in 2025 and beyond.
Who are they?
Michael Saylor: From Software Tycoon to Bitcoin Maximalist
Michael Saylor, co-founder and Executive Chairman of Strategy, has become one of the most prominent and vocal Bitcoin advocates in the world. Since initiating the company’s Bitcoin accumulation strategy in August 2020, Saylor has consistently framed BTC as the “ultimate inflation hedge” and a superior store of value to gold.
Saylor stepped down as CEO in 2022 to focus solely on Bitcoin acquisition and strategy. In his own words, Bitcoin is “digital property, and the most reliable, secure, and desirable one the world has ever seen.” His long-term thesis is built around the belief that sovereign currencies will continue to debase while Bitcoin’s scarcity will drive exponential value.
His presence on social media and at major financial conferences has helped shift institutional sentiment toward Bitcoin. Through interviews and keynote speeches, he has encouraged corporate treasuries and public companies to consider BTC as a treasury reserve asset.
“We’re not diversifying. We’re concentrating. Bitcoin is hope,” Saylor said at a recent investor forum (source).
Strategy: A Radical Pivot from Software to Digital Assets
Formerly known as MicroStrategy, the company was historically known for its enterprise business intelligence software. However, under Saylor’s leadership, it undertook a historic pivot in 2020, transitioning from a traditional software firm to a Bitcoin-focused operating company.
The rebranding to Strategy in late 2024 was more than symbolic—it cemented the company’s identity as a full-fledged institutional investor in Bitcoin, with its core operations aligned around BTC acquisition, custody, and financial innovation.
While still maintaining some legacy software revenues, the overwhelming majority of Strategy’s market valuation, media attention, and investor interest now revolves around its Bitcoin balance sheet strategy. It is now widely considered the largest corporate holder of Bitcoin globally, and its capital-raising structure—including equity, debt, and convertible notes—is designed explicitly to expand its crypto treasury.
The company’s transformation has sparked debate in financial circles, with some praising the bold vision and others criticizing the high volatility and risk concentration. But one thing is clear: Strategy has become a bellwether for institutional Bitcoin adoption.
