Strategy, formerly known as MicroStrategy, has announced a new fundraising of $21 billion to continue its accumulation of BTC, despite a $4.2 billion accounting loss in Q1 2025.
Strategy doubles its 21/21 Plan to accumulate $84 billion in Bitcoin
Despite a loss of $4.2 billion in the first quarter of 2025, Strategy (formerly MicroStrategy) is not slowing down. The company, led by Michael Saylor, has just announced a new fundraising program of $21 billion to continue its massive purchases of Bitcoin.
The second phase of its ’21/21 Plan’ is also doubled to reach $42 billion, even before its completion.
Accounting loss, a deliberate bet
The decline in BTC at the beginning of the year triggered a depreciation of $5.9 billion in the accounts, dragging the quarterly result down to -$16.49 per share. But for Saylor, this volatility is only temporary noise. The goal remains unchanged: to accumulate even more Bitcoin, regardless of the short-term cost.
The company now holds 553,555 BTC, acquired for $37.9 billion, with an average price of $68,459. To date, this reserve is worth approximately $53 billion. A temporary discount for a player who anticipates a much broader horizon.
A new round of $21 billion to recharge
After exhausting its previous $21 billion share issuance program, Strategy announces a new equivalent fundraising. The operation will be ‘at-the-market’, gradually absorbing the funds without derailing the price.
At the same time, the company is increasing its ambitions: the target BTC yield jumps from 15% to 25%, while the target BTC gain skyrockets from $10 to $15 billion. In other words, Strategy aims for a performance on Bitcoin that is far superior to shareholder dilution.
A decline in software activity
In the background, Strategy’s software activity continues to decline. Quarterly revenue decreased by 3.6% to $111.1 million. The subscription branch is growing, but remains marginal ($37.1 million compared to $23.0 million last year).
The core of the strategy lies elsewhere.
We continue to grow our Bitcoin treasury while creating value for shareholders.
Phong Le, CEO of Strategy, claims a leading position as more than 70 listed companies worldwide have already adopted a similar Bitcoin strategy.
