Strategy Inc., the enterprise software firm formerly known as MicroStrategy, has delivered a staggering financial performance for the second quarter, fundamentally redefining its corporate identity through an unprecedented bet on Bitcoin. The company’s transformation from a business intelligence provider to the world’s largest corporate holder of cryptocurrency has generated results that have left the industry in awe.
Unprecedented Financial Turnaround
The company reported an operating income of $14.0 billion alongside earnings per share of $32.60, representing a dramatic reversal from the loss recorded during the same period last year. This extraordinary performance was primarily fueled by $14.0 billion in unrealized gains from the company’s substantial digital asset holdings.
While the Bitcoin strategy dominated financial headlines, Strategy’s core software business demonstrated steady growth with revenues climbing 2.7% to $114.5 million. The company’s subscription services segment showed particularly strong momentum, advancing by 69.5% year-over-year, though these gains appear modest when compared to the cryptocurrency-driven windfall.
Bitcoin Accumulation Strategy Delivers Massive Returns
Strategy’s aggressive accumulation strategy has resulted in a portfolio containing 628,791 Bitcoins, representing nearly 3% of all existing coins. The company’s average acquisition cost of approximately $73,277 per Bitcoin has proven exceptionally prescient. By July 2025, Strategy had already achieved a 25.0% return on its Bitcoin investments, surpassing its annual target well ahead of schedule.
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Recent acquisitions were financed through a $2.521 billion preferred stock offering, demonstrating the company’s innovative approach to capital markets. Strategy has established various at-the-market programs providing access to approximately $60 billion in total capacity.
Forward-Looking Strategy and Product Innovation
Company leadership has expressed considerable optimism about future prospects. Chief Financial Officer Andrew Kang projected full-year 2025 operating income of $34 billion with net income reaching $24 billion, contingent upon Bitcoin reaching $150,000 by year-end.
The company continues to innovate with the introduction of STRC, described as the world’s first Treasury Preferred Stock. Executive Chairman Michael Saylor characterized the product as “a variable-rate security with monthly dividends engineered for price stability,” representing a strategic move to attract a new class of investors.
Market observers now await the next quarterly results scheduled for late October, which will reveal whether Strategy’s Bitcoin-focused approach can sustain its remarkable performance trajectory or if the company’s ambitious strategy presents unforeseen challenges.
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