Strategy Reports Massive Loss in Q4 2024 but Continues to Accumulate Bitcoin
The company, now known as Strategy (formerly MicroStrategy), has unveiled mixed financial results for the fourth quarter of 2024. Despite a staggering net loss of $670.8 million and a revenue of $120.7 million, down 3% year-over-year, the company continues to heavily invest in Bitcoin. Its cash level also decreased, reaching $38.1 million compared to $46.8 million a year ago.
What stands out, however, is the impressive acceleration of its Bitcoin acquisition strategy. In just three months, Strategy added 218,887 bitcoins to its portfolio, with a massive investment of $20.5 billion. Its total Bitcoin holdings now amount to 471,107 BTC, valued at around $44 billion.
New Metrics to Measure Bitcoin Performance
With this transformation, Strategy is taking a more methodical approach to managing its massive BTC treasury. The company has introduced two new key performance indicators (KPIs):
- BTC Gain, which measures the growth of the number of bitcoins held based on BTC’s performance.
- BTC $ Gain, which represents the dollar valuation of this growth, based on the Bitcoin price at the end of each period.
For 2025, Strategy has set an ambitious goal of achieving a $10 billion BTC $ Gain. This optimization effort is part of a broader initiative, namely the completion of its “21/21 Plan”, raising $42 billion in equity and fixed-rate debt, of which $20 billion has already been secured.
Strategic Stock Repositioning with the Introduction of Strike (STRK)
In parallel, Strategy has announced the launch of Strike (STRK), a convertible preferred stock that will debut on Nasdaq under the ticker STRK. With a conversion into common shares of MSTR at a ratio of 10:1, this stock is designed to offer investors indirect exposure to Bitcoin while guaranteeing a fixed return of 8%.
Initially planned for an issuance of 2.5 million shares, the program has been expanded to 7.3 million STRK shares at a price of $80 per unit, enabling Strategy to raise approximately $563.4 million.
Rebranding in Line with its Bitcoin Maximalist Identity
The name change to Strategy represents more than just a rebranding; it symbolizes a complete overhaul of the company’s image. Its logo now incorporates a stylized “B”, emphasizing its Bitcoin focus, while orange becomes the dominant color, representing the energy, intelligence, and innovation of BTC.
Michael Saylor, founder and chairman, summed up this evolution by quoting Antoine de Saint-Exupéry:
Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.
With a market capitalization of $85 billion, Strategy’s stock has soared by 500% in one year, driven by its relentless Bitcoin accumulation.
