As the world's largest enterprise-level Bitcoin holder, Strategy expects its Q2 2025 financial report to present a mixed picture.
According to a Bloomberg analysis on Tuesday, the company anticipates over $13 billion in unrealized gains in Q2 2025, primarily due to its substantial cryptocurrency asset holdings. In stark contrast, its core software business is expected to generate only $112.8 million in revenue, highlighting the widening gap between digital asset exposure and actual operational performance.
According to BitcoinTreasuries data, as of March 31, Strategy held 528,185 Bitcoins (BTC), valued at over $43.5 billion. As of this Monday, the company's holdings have risen to $56.3 billion, bringing $12.8 billion in unrealized gains over the past three months.
As Bitcoin prices continue to rise, more companies are following the lead of Strategy's chairman, Michael Saylor, by incorporating Bitcoin into their corporate assets. As reported by Cointelegraph, there are currently 250 companies holding Bitcoin, with 26 companies announcing Bitcoin reserve strategies just in June.
Strategy has been consistently purchasing BTC weekly, further generating 9% in unrealized gains, equivalent to about $640 million. U.S. Securities and Exchange Commission (SEC) filing data shows that the company's average purchase price during this period was $97,900.
Unrealized gains refer to the increase in the market value of assets held by a company or investor that have not yet been sold, reflecting potential profits based on current market prices rather than actual cash inflows.
Despite a 6% drop in Strategy's stock price on Tuesday, TradingView data indicates that the stock has risen over 170% on the Nasdaq over the past year.
Saylor stated on the X platform on Tuesday that the company recorded a 7.8% Bitcoin yield in Q2 this year. The Bitcoin yield is a company-specific metric used to measure the percentage change in the number of Bitcoins per share assuming full dilution.
In 2025, Strategy continues to increase its Bitcoin holdings through weekly purchases. The company acquired 4,980 Bitcoins in late June.
A week ago, the company purchased 245 Bitcoins for $26 million. Previously, the company bought 705 Bitcoins for $75.1 million between May 26 and 30.
Strategy finances its Bitcoin purchases through diversified means such as debt, equity, and preferred stock. Some analysts believe this strategy has "significant value appreciation potential," while others warn it may lead to shareholder equity dilution.
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