Strategy, previously known as MicroStrategy, has reported a staggering net income of $10.02 billion for the second quarter of 2025. This remarkable result marks a complete reversal from the $4.2 billion net loss the firm experienced in Q1. The shift comes as Bitcoin, the company’s core asset, surged in value during the quarter, contributing heavily to Strategy’s overall financial success.

The Q2 earnings translate to $32.60 per share, a figure that underlines the company’s improved profitability following its continued focus on Bitcoin investment. The company also recorded an operating income of $14.03 billion, an extraordinary 7,106.4% increase compared to the same period last year.

Bitcoin Behind the Boom

The key driver behind Strategy’s record quarter is Bitcoin’s strong performance between April and June 2025. The world’s leading cryptocurrency gained around 30% in value over the three-month period, helping Strategy post significant paper gains.

By the end of Q2, Strategy held a total of 628,791 Bitcoin, acquired at a total cost of $46.07 billion. The average purchase price for Bitcoin this year stood at $73,277. With Bitcoin’s current market value rising, the company has registered $26.63 billion in unrealised gains.

CFO Andrew Kang stated, “Strategy has achieved a year-to-date BTC Yield of 25%, meeting our full year target well ahead of our initial timeline.” He added that the BTC gain now exceeds $13 billion, which directly contributed to the company’s operating income and strong earnings per share in Q2.

Rising Revenues and Strong Forecasts

While Bitcoin gains took the spotlight, Strategy’s total revenue also showed modest growth. The firm reported $114.5 million in total revenues for Q2, up 2.7% from the same quarter in 2024. This marked the second consecutive quarter where the company applied fair value accounting to its digital assets.

Looking ahead, Strategy expects 2025 to be even more profitable. Assuming Bitcoin hits a price of $150,000 by year-end, the company has set ambitious financial targets. It projects an operating income of $34 billion, net income of $24 billion, and diluted earnings per share of around $80.

Furthermore, Strategy has raised its Bitcoin yield target for the year from 25% to 30%, reflecting continued confidence in the digital asset’s upward trend.

New Capital Raise via Preferred Stock Offering

In a related move, Strategy also announced a significant fundraising effort to support further Bitcoin accumulation. The company will launch a $4.2 billion at-the-market (ATM) offering of Variable Rate Series A Perpetual Stretch Preferred Stock, named STRC.

This capital raise follows earlier STRC offerings, which increased from $500 million to $2 billion. The funds raised will be used for general corporate purposes, including the purchase of more Bitcoin.

According to a press release issued on July 31, the company aims to manage these stock sales carefully: “Strategy expects to make sales of STRC Stock pursuant to the ATM Program in a disciplined manner over an extended period, taking into account the trading price and trading volumes of the STRC Stock at the time of sale.”

Bitcoin Remains Central to Strategy’s Future

Strategy’s Q2 results highlight the powerful role Bitcoin continues to play in its corporate strategy. While the firm’s revenue from other operations remains relatively modest, its aggressive approach to Bitcoin investment is clearly paying off in 2025. With over 628,000 BTC under management and more on the way, Strategy appears firmly committed to its crypto-first path, even as market watchers continue to debate the long-term risks and rewards.