Strategy Breaks Records with $14B Bitcoin Gain, Raises BTC Yield Target to 30%

Strategy (MSTR) has posted its most impressive quarter to date, riding Bitcoin’s surge to new heights and redefining what treasury-focused crypto firms can achieve. For Q2 2025, the company reported an astounding $14.03 billion in operating income—driven largely by a $14 billion unrealized gain on its massive Bitcoin holdings.

Revenue came in at $114.5 million, up 2.7% year-over-year, but it’s the scale of Strategy’s Bitcoin-driven returns that is drawing attention. The company’s BTC Yield has already surpassed its 25% annual goal, prompting a new target of 30% yield and $20 billion in dollar gains for the year.

Net income soared to $10.02 billion, or $32.60 per diluted share, a dramatic reversal from last year’s net loss. Strategy’s Bitcoin stack now totals 628,791 BTC, acquired at an average price of $73,277 and a cumulative cost of $46.07 billion.

To continue building its balance sheet, Strategy is launching a $4.2 billion offering of its STRC preferred shares, designed to deliver stable, short-duration, high-yield returns to investors. The offering complements its growing lineup of perpetual preferred stocks and underscores Strategy’s evolution into a capital markets innovator built around Bitcoin.

With fair value accounting now fully implemented, Strategy's results underscore the financial power of Bitcoin as a treasury asset—and the company’s aggressive blueprint for dominating that space.