- MicroStrategy raised $21 billion via equity to acquire 301,335 BTC, increasing its total Bitcoin holdings to 553,555 coins in Q1 2025.
- The company doubled its capital plan to $84 billion and aims to reach $15 billion in BTC gains with an upgraded 25% Yield target.
- Fair value accounting led to a $12.7 billion uplift in retained earnings despite a Q1 unrealized loss of $5.9 billion on Bitcoin holdings.
MicroStrategy has announced a 13.7% year-to-date BTC Yield and $5.8 billion BTC $ Gain in its Q1 2025 earnings report. The company continues to expand its Bitcoin strategy with increased targets and capital commitments.
BTC Yield Strategy Accelerates in Q1 2025
MicroStrategy revealed a BTC Yield of 13.7% for the first four months of 2025, achieving 90% of its original 15% annual target. With Bitcoin trading near $96,600 as of writing, the company has now increased its 2025 BTC Yield target to 25%.
President and CEO Phong Le confirmed that MicroStrategy raised $21 billion through an at-the-market equity offering. This move enabled the acquisition of 301,335 bitcoins, boosting total holdings to 553,555 BTC. The company paid an average of $68,459 per coin, with total acquisition costs now at $37.9 billion.
“We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period,” said Le. “In Q1, we also broadened our capital base with two of the most successful preferred stock IPOs in a decade.”
Capital Plan Doubled to Expand Bitcoin Purchases
The company is now doubling its capital raising plan to $84 billion—$42 billion from equity and $42 billion from fixed income sources. This expanded plan reflects MicroStrategy’s long-term focus on Bitcoin acquisition as a core corporate strategy.
Phong Le noted, “This plan is 32% complete, and Strategy still has about $57 billion left to raise to buy more Bitcoin through 2027.” He added that the company may explore new ways of raising capital over time to support future Bitcoin purchases.
CFO Andrew Kang stated, “We are thrilled to report a strong start to the year with a year-to-date BTC Yield of 13.7%, achieving over 90% of our 2025 target in just the first four months.” He also added, “Our year-to-date BTC $ Gain of $5.8 billion also meets 58% of our annual target. With strong market momentum and our successful treasury execution, we are increasing our 2025 BTC Yield target to 25% and BTC $ Gain target to $15 billion.”
Accounting Shift Brings Boost Despite Market Variance
The company adopted fair value accounting for Bitcoin holdings, leading to a $12.7 billion increase in retained earnings. This was achieved despite an unrealized Q1 loss of $5.9 billion, with Bitcoin closing the quarter at $82,445.
Kang explained, “The adoption of fair value accounting for Bitcoin holdings led to a $12.7 billion uplift in retained earnings despite a $5.9 billion unrealized loss.” MicroStrategy’s financial posture continues to evolve as it aligns its treasury strategy closely with Bitcoin market conditions.
With ongoing momentum and new capital initiatives, MicroStrategy is positioned to further expand its digital asset treasury through the remainder of the year.
