Strategy Reports Strong Start to 2025, Hitting 90% of Target Bitcoin Yield

Michael Saylor’s Strategy, formerly MicroStrategy, has reported a year-to-date unrealized Bitcoin gain of $5.8 billion and a BTC yield of 13.7%.

“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 of the year,” said Andrew Kang, Chief Financial Officer.

He added, “With the strong momentum in the market and our successful execution of our treasury operations thus far this year, we are increasing our 2025 ‘BTC Yield’ target to 25%.”

Kang also revealed that the firm increased its ‘BTC Gain’ target to $15 billion.

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Strategy’s Strategy Pays Off

The firm executed a record $21 billion stock offering, adding more than 300,000 BTC to its balance sheet while simultaneously achieving a 50% increase in MSTR share price during the quarter.

However, it wasn’t all good news. The firm reported a quarterly loss of $5.9 billion from its digital assets due to a quarter-end Bitcoin price of around $82,400. Total revenues were $111 million, a 3.6% decrease year-over-year, compared to the first quarter of 2024.

BTC declined by 12% over the first three months of this year. However, it has since recovered to trade almost 4% higher than its price on January 1.

Strategy moved to a new accounting rule in the first quarter, which allows the company to fairly value its unrealized gains or losses on its Bitcoin holdings.

“One fundamental difference now under fair value accounting is that our holdings are marked on the last day of every quarter, not throughout the quarter as before,” said Kang on the earnings call.

“Despite recognizing an unrealized loss in Q1 due to a quarter-end Bitcoin price of $82,445, the current approximate $97,300 Bitcoin price would imply a fair value gain of roughly $8 billion thus far in Q2,” Kang added.

Strategy also increased its capital deployment plan to $84 billion, split into equity and fixed income instruments, to buy more Bitcoin.

The company currently holds 553,555 BTC worth around $54 billion, and sits on an unrealized profit of 42% on its investments so far.

Other Crypto Revenue Reports

Other crypto companies reporting quarterly revenue included Kraken, which saw revenues jump 19% year-on-year to $472 million. Total exchange trading volume grew 29% year-over-year, while funded accounts increased 26% year-over-year, it stated.

Meanwhile, Bitcoin mining firm Riot Platforms reported $161 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 103%.

Leading stablecoin issuer Tether reported $1 billion in quarterly operating profit and $5.6 billion excess in reserves.