Strategy Surges Ahead: Bitcoin Holdings Hit $5.8B in Gains, Annual Yield Target Raised to 25%

02. May 2025 Posted by Laurent C. on News

Bitcoin-focused investment firm Strategy has ramped up its exposure to the world’s leading cryptocurrency, posting a year-to-date BTC gain of $5.8 billion as of April 28, according to its Q1 2025 earnings release. The company has also boosted its BTC Yield target for the full year from 15% to 25%, signaling a more aggressive stance on Bitcoin accumulation.

As of the same date, Strategy held a staggering 553,555 BTC, acquired for a total of $37.9 billion—equating to an average cost of around $68,459 per coin. A significant portion of this was purchased using proceeds from a record-breaking $21 billion at-the-market (ATM) equity offering, which brought in 301,335 BTC during Q1 alone.

Tracking Bitcoin Accumulation with Custom Metrics

To evaluate the effectiveness of its capital deployment strategy, the firm uses three proprietary indicators: BTC Yield, BTC Gain, and BTC $ Gain. These are not GAAP accounting metrics, but internal measures designed to gauge the impact of Bitcoin investments on shareholder exposure.

  • BTC Yield reflects the percentage increase in Bitcoin per share, based on total diluted shares. Strategy reported a 13.7% BTC Yield year-to-date, with 11% of that growth occurring in Q1 alone.

  • BTC Gain translates the yield into raw Bitcoin terms. The firm added 49,131 BTC in Q1 and 61,497 BTC year-to-date.

  • BTC $ Gain converts those BTC gains into dollar terms using prevailing spot prices—reaching $5.8 billion as of April 28, when BTC was trading around $95,000.

Embracing Fair Value Accounting Amid Market Volatility

Starting January 1, Strategy implemented a new fair value accounting standard (ASU 2023-08), which added $12.7 billion to its retained earnings and brought reported earnings closer in line with Bitcoin market prices.

Despite the update, the company reported a $5.9 billion unrealized loss for Q1, stemming from Bitcoin’s quarter-end price of $82,445. However, with prices bouncing back to roughly $97,300 by late April, Strategy estimates an unrealized gain of $8 billion for Q2 so far.

As of March 31, Strategy’s Bitcoin stash stood at 528,185 BTC, with a cost basis of $35.6 billion and a market value of $43.5 billion. The average acquisition cost per coin was approximately $67,457.

Aggressive Capital Deployment to Boost BTC Exposure

Beyond its headline ATM offering, Strategy also raised capital through $2 billion in 0% convertible senior notes due in 2030 and two preferred stock IPOs—Strike and Strife—collectively generating over $1.2 billion. Altogether, the firm raised $10 billion in fresh capital in the first four months of 2025.

The bulk of these funds went directly into expanding Bitcoin holdings, a move consistent with the company’s goal of maximizing BTC per-share exposure. Strategy still has $20.9 billion in capacity available under its STRK ATM agreement.

While the firm cautioned that its internal metrics don’t account for liabilities or preferred stock dividends—and shouldn't be interpreted as traditional return measures—it reaffirmed its broader mission: to serve as a public-market proxy for Bitcoin accumulation and long-term exposure.