Michael Saylor’s Strategy, the largest corporate Bitcoin holder globally, has reported $14 billion in unrealized gains on its massive cryptocurrency holdings in the second quarter of 2025.
According to a filing with the U.S. Securities and Exchange Commission released Monday, the company’s digital asset carrying value reached $64.36 billion as of June 30. Alongside those paper gains, Strategy recorded a deferred tax liability of $6.31 billion, reflecting the steep appreciation of Bitcoin over the period.
Despite the strong performance, Strategy paused its regular weekly Bitcoin purchases last week—the first time it has done so since April—keeping its total holdings steady at 597,325 BTC following a 4,980 BTC buy earlier in the month.
The pause in buying coincided with Bitcoin’s slide to $105,400 before the price briefly bounced back above $110,000, highlighting the unpredictable nature of the asset.
Weekly Buying Spree Takes a Breather Amid Volatility
Strategy’s decision to hold off on acquiring more Bitcoin marked a notable shift after months of uninterrupted accumulation.
Data from CoinGecko showed that Bitcoin’s dip below $106,000 likely influenced the move. Historically, Strategy has paused its purchases when Bitcoin has traded under certain thresholds, including a similar buying freeze when the price fell below $87,000 earlier this year.
After that pause, the company returned to the market in mid-April with a 3,459 BTC acquisition, following an even larger purchase of 22,048 BTC at the end of March.
This latest holding pattern suggests Strategy is willing to be more tactical when market conditions soften, even as it remains committed to expanding its treasury over the long term.
The newly released figures exceeded analysts’ forecasts. Bloomberg’s estimates last week projected Strategy would report at least $13 billion in unrealized gains for the second quarter—underscoring the impact of Bitcoin’s climb toward record highs.
Strategy Unveils $4.2 Billion Equity Sale to Fund Future Buys
In tandem with its earnings disclosure, Strategy announced a fresh $4.2 billion at-the-market (ATM) equity program on Monday, signaling plans to bolster its war chest for future Bitcoin purchases.
Under the agreement, the company can issue and sell shares of its 10% Series A perpetual Stride (STRD) preferred stock at a nominal price of $0.001 per share.
This new fundraising effort adds to a growing suite of equity offerings, including the much larger $21 billion STRK ATM. Strategy has used these programs to finance its expansion into digital assets while maintaining liquidity and shareholder flexibility.
An investor presentation accompanying the announcement detailed the company’s current ATM capacity. To date, Strategy has issued $477 million through the STRK program and $163 million via the STRF ATM.
In total, the company retains a massive $44.8 billion in available ATM capacity, broken down across several instruments: $18.1 billion for MSTR, $4.2 billion for STRD, $20.5 billion for STRK, and $1.9 billion for STRF.
Saylor’s team has framed the strategy as a deliberate long-term plan to cement Bitcoin as a core treasury asset, positioning the company to capitalize on further institutional adoption of digital currencies.
Quick Facts
- Strategy reported $14 billion in unrealized Bitcoin gains in Q2 2025.
- The company paused weekly Bitcoin buys for the first time since April.
- A new $4.2 billion equity offering expands its funding pool for future acquisitions.
