Disclaimer: The analyst who wrote this article has shares in Strategy (MSTR).

Strategy (MSTR) now holds almost $65 billion in bitcoin (BTC), which makes it the 11th largest corporate treasury holder of bitcoin in the U.S.

In its investor presentation for the new STRD at-the-market equity program, Strategy compares itself to companies that hold cash on their balance sheets. Berkshire Hathaway ranks No. 1, holding $410 billion in cash and cash equivalents. Chipmaker NVIDIA (NVDA), the world's largest company by market cap, holds $66 billion in cash and cash equivalents.

In the presentation, MSTR said it is on track to achieve both its bitcoin percentage yield and bitcoin dollar gain targets for 2025.

The target for bitcoin yield is 25%, and so far it has reached 19.7%. The dollar gain target is $15 billion, and that currently stands at $9.6 billion. Strategy also achieved an unrealized gain on digital assets of $14 billion in the second quarter.

MSTR’s perpetual preferred stock has outperformed the iShares Preferred and Income Securities ETF (PFF), which the Tysons Corner, Virginia company identified as its benchmark. STRK is up 51% since its Jan. 31 debut, while the PFF has lost 3%. STRF, which started trading March 21, has gained 38% versus a 1% drop in PFF. STRD is 12% higher, outpacing PFF's 2% advance.

As part of Strategy’s current $42 billion fundraising plan, it has issued $23.9 billion. It also has $34.1 billion of fixed income capacity left within the plan.

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