Strategy Nets $14.05B in Unrealized Bitcoin Gains in Q2 2025

Michael Saylor’s company, Strategy, made $14.05 billion in unrealized gains from its Bitcoin holdings in the second quarter of 2025 despite a pause in weekly purchases

Strategy’s Bitcoin Holdings Surge by $14.05B

According to a new SEC filing, Strategy also reported a $4.04 billion deferred tax expense related to those gains. By June 30, Strategy’s Bitcoin was valued at $64.36 billion, with a tax liability of $6.31 billion.

Despite the big gains, the company didn’t buy any Bitcoin last week, the first time it skipped a weekly purchase since April. Its total holdings stayed at 597,325 BTC after the recent 4,980 BTC buy.

The pause happened as Bitcoin briefly dropped to $105,400 before bouncing back over $110,000. The last time Strategy paused buying was when BTC dipped below $87,000. The reported gains were slightly higher than Bloomberg’s recent estimate of $13 billion.

Strategy Plans $4.2B Stock Sale for Bitcoin Buys

Alongside its Q2 results, Strategy also announced a new $4.2 billion at-the-market (ATM) offering on Monday. The company has signed a sales agreement allowing it to issue and sell shares of its 10% Series A perpetual Stride (STRD) preferred stock at $0.001 per share.

Like previous offerings, such as the $21 billion STRK ATM, this program lets Strategy raise funds by gradually selling new shares, which it uses to buy more Bitcoin.

An investor presentation revealed that Strategy has already issued $477 million through its STRK ATM and $163 million via its STRF ATM. The total remaining capacity across all active ATM programs now stands at $44.8 billion. This includes $18.1 billion for MSTR, $4.2 billion for STRD, $20.5 billion for STRK, and $1.9 billion for STRF.