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Anas Hassan
2025-07-07 09:42:00
cryptonews.com
Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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MicroStrategy, operating as Strategy, recorded $14.05 billion in unrealized Bitcoin gains during Q2 2025, elevating the company to the exclusive tier of corporate giants typically reserved for Amazon and JPMorgan Chase.
The dramatic turnaround from its software business roots comes as the company simultaneously launched a $4.2 billion STRD preferred stock program to acquire additional Bitcoin.
Biggest Bitcoin Gains, Yet Still Buying More
The record quarterly gain is attributed to Bitcoin’s price recovery and the Strategy’s adoption of Accounting Standards Update No. 2023-08, effective January 1, 2025.
Under the new accounting model, Strategy recognizes fair value changes in Bitcoin holdings as they occur rather than only recording impairment losses.
The company incurred $4.04 billion in associated deferred tax expense and holds a $6.31 billion deferred tax liability.
Additionally, Strategy announced its 10.00% Series A Perpetual Stride Preferred Stock offering with an aggregate value up to $4.2 billion through an at-the-market program.
The company expects disciplined sales over an extended period, taking into account trading price and volume conditions.
Net proceeds will be used for general corporate purposes, including additional Bitcoin acquisitions and working capital requirements.
As of July 6, 2025, Strategy held 597,325 bitcoins with an aggregate purchase price of $42.40 billion and an average cost of $70,982 per bitcoin.
During Q2 2025, the company acquired 69,140 bitcoins at a total value of $6.77 billion, funded through multiple equity offerings, including $5.2 billion from common stock ATM programs and $979.7 million from the STRD offering.
Capital Markets Activity Fuels Aggressive Bitcoin Accumulation Strategy
Strategy received $6.8 billion in aggregate net proceeds from various financing transactions during Q2 2025.
The capital raising included $163.1 million from the STRF ATM program, $446.9 million from the STRK ATM program, and $979.7 million from the STRD registered underwritten offering, which was completed on June 10.
The company’s 2024 Common ATM program generated $2.4 billion in revenue before its termination, while the new 2025 Common ATM program contributed $2.9 billion.
Approximately $18.1 billion of Class A common stock remains available for future issuance under the 2025 program, alongside $20.5 billion of STRK Stock and $1.9 billion of STRF Stock.
Strategy’s preferred stock portfolio totals $3.4 billion in notional value with $315.9 million in annual dividends.
The company maintains $8.213 billion in convertible notes outstanding, with conversion conditions met for Q3 2025 based on the 130% conversion price threshold.
The maximum potential common shares from conversion total 24,439,825 shares.
Bitcoin market prices during Q2 ranged from $74,420.69 to $112,000.00, with quarter-end pricing at $107,751.68 on Coinbase.
The volatility created substantial fair value fluctuations, contrasting with the $5.91 billion unrealized loss in Q1 2025.
Strategy warns that results will not be comparable to pre-2025 periods due to accounting changes.
Legal Challenges and S&P 500 Inclusion Prospects Emerge
Strategy faces multiple class-action lawsuits alleging false and misleading statements regarding the profitability and risks of its Bitcoin strategy.
Pomerantz LLP filed suit representing shareholders who purchased stock between April 30, 2024, and April 4, 2025, with a July 15 deadline for additional investors to join.
The lawsuit centers on Strategy’s adoption of ASU 2023-08 accounting standards, claiming that the company failed to explain the potential impact on its financial results adequately.
The complaint mentioned the $5.9 billion unrealized loss disclosure in Q1 2025, which triggered an 8% decline in stock price and exposed volatility risks allegedly downplayed by management.
Financial analyst Jeff Walton calculated that Strategy has a 91% chance of S&P 500 inclusion, provided Bitcoin maintains levels above $95,240 through June 30.
The company requires cumulative positive earnings across four quarters for eligibility, with Q2 results heavily dependent on Bitcoin’s fair market value, given three consecutive quarterly losses.
Critics, including short-seller Jim Chanos, have intensified their opposition to Strategy’s business model, calling it “financial gibberish” and noting that the company’s $100 billion market capitalization exceeds its $60 billion in Bitcoin holdings.
Chanos advises shorting MSTR stock while buying Bitcoin directly, betting the premium will eventually contract.
Strategy’s shares gained 3,130% since initiating Bitcoin purchases in mid-2020, compared to Bitcoin’s 1,000% gain and the S&P 500’s 115% rise during the same period.
The stock advanced 40% in Q2, outperforming the S&P’s 11% quarterly gain, while inspiring corporate imitators, like SharpLink Gaming’s Ether strategy.
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