Strategy’s Q2 Earnings Surge, Announces New $4.2B STRC Offering to Buy More Bitcoin

Strategy (NASDAQ: MSTR) reported a shift to profitability in its Q2 2025 earnings report . The company posted net income of $10.02 billion, a dramatic turnaround driven primarily by $14 billion in unrealized gains on its digital asset portfolio.

Their latest financial performance validates the company's aggressive and often debated strategy of acquiring Bitcoin, initiated in August 2020 by co-founder Michael Saylor.

Total revenues were $114.5 million, a 2.7% increase year-over-year, compared to the second quarter of 2024. Operating income for the second quarter of 2025 was approximately $14.03 billion, a 7,106.4% increase year-over-year.

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 share, as compared to a net loss of $0.57 per share in Q2 2024.

These results highlight the success of this high-stakes bet (for now), with Strategy's Bitcoin holdings swelling to 628,791 coins, accounting for nearly 3% of the total circulating supply.

This accumulation was made possible by raising over $10 billion through various programs this year, a strategy that has seen the company's stock value surge by almost 3000% since it began its Bitcoin acquisitions.

"Our overall capital raising activities have resulted in our Bitcoin per Share (“BPS”) increasing by 25% year-to-date and as a result we are raising our full year BTC Yield and BTC $ Gain KPI targets to 30% and $20 billion, respectively. These achievements underscore the scale of our Bitcoin treasury strategy and the strength of our capital markets platform," said Strategy President and Chief Executive Officer, Phong Le.

Indeed, neither Saylor nor Strategy are showing signs of slowing down. Alongside Strategy's Q2 earnings report, the company issued a press release announcing a new $4.2bn STRC offering.

Just earlier this week, Strategy closed a $2.52 billion IPO for STRC, adding 21,021 BTC to its treasury.

A Securities and Exchange Commission (SEC) filing dated July 31 shows that Strategy entered into an agreement with several financial institutions to raise up to $4.2 billion.

The company plans to pay a commission of 2 percent of the total raised funds to the financial institutions selling its shares, and will use the rest of the capital "for general corporate purposes, including the acquisition of bitcoin and for working capital, and may also use the net proceeds for the payment of cash dividends declared" on other series of its preferred stock.

The move builds on the momentum of four other ATM programs already in operation. Each has allowed Strategy to convert investor capital into digital assets, reinforcing CEO Michael Saylor’s long-standing belief in Bitcoin as a superior corporate treasury asset.