Strategy announces an unrealized gain of $14.05 billion in Q2 thanks to the rise of BTC, which surged from $82,000 to over $108,000. The company’s reserves now total nearly 600,000 BTC, valued at $64.36 billion.
The company raised $6.8 billion in just a few weeks through the sale of common and preferred shares, and still has $40 billion in issuance capacity through its ATM programs.
It is launching a new $4.2 billion offering through STRD shares with a 10% return, to acquire more BTC and fund its operations, continuing its aggressive Bitcoin treasury strategy.
Strategy’s Bitcoin bet skyrockets
The second quarter of 2025 was a windfall for Strategy. The company led by Michael Saylor announces an unrealized gain of $14.05 billion on its bitcoins. The reason: BTC surged from $82,000 to over $108,000 between April and June.
As a result, the book value of its reserves climbs to $64.36 billion, with a stock of nearly 600,000 BTC. A historic performance, even for a company that has made dollar-cost averaging a religion.
A billion-raising machine
But that’s not all. Strategy took advantage of the excitement to fill its coffers: $6.8 billion raised in the markets in a few weeks, through sales of common shares and preferred securities.
And the appetite is not satiated: the company still has $40 billion in issuance capacity through various ATM (at-the-market) programs, distributed between its common shares ($18.1 billion), preferred shares STRK ($20.5 billion), and STRF ($1.9 billion).
STRD: the new lever to stack BTC
The new toy in Saylor’s arsenal: STRD shares, a preferential series with 10% annual return, launched in June and already up 6% since its introduction.
This Monday morning, Strategy announced a new move: a $4.2 billion STRD sale program on the market, gradually, based on volume and price.
The goal? To buy more Bitcoin, but also to fund current operations and compensate holders of STRD and STRK shares, with generous returns.
An unrestrained strategy
The message is clear: as long as the market remains liquid, Strategy will continue to issue shares to turn every spike of interest into additional BTC.
Even with a slight decline in MSTR this Monday (-1.2%) alongside a BTC slowdown, the momentum remains intact. Bitcoin is still flirting with $108,000, and investors follow Saylor blindly.
With an ultra-aggressive leverage strategy, absolute faith in BTC, and refined financial engineering, Strategy positions itself more than ever as the world’s leading Bitcoin treasury company.
