Michael Saylor’s crypto-centric company Strategy is projected to report unrealized profits of around $14 billion in the second quarter of 2025.
Very unlike companies like Amazon and JPMorgan Chase, which generate billions through traditional businesses, the expected revenue for a strategy comes primarily from exposure to digital assets.
According to Tuesday Report From Bloomberg, the company was able to generate just $128 million in revenue from its legacy software business in the second quarter of 2025.
Bitcoin Price Lurries Burns a Surge in Revenue
The forecast profit for the quarter ending June 30 was primarily due to a rise in Bitcoin, with prices rising from around $82,444 at the end of March to over $106,000 by late June.
At the beginning of the quarter, the strategy held 528,185 btc, converted to value of over $43.5 billion. When Bitcoin was highly valued, the market value of their holdings rose over $13 billion. According to Bloomberg calculations, a series of weekly Bitcoin purchases have been added throughout the quarter.
June 30th, Company Disclosure It bought a huge 4,980 BTC at around $531.9 million, with an average price of $106,801 per Bitcoin. These purchases were funded through proceeds from the sale of MSTR Class A stock and preferred stock vehicles STRK and STRF.
The latest purchase has resulted in the strategy’s total Bitcoin Holdings of 597,325 BTC, with an average price of $70,982 and was acquired for $4.4 billion. At current market rates, the company’s unrealized profits totaled nearly $21.8 billion, with its portfolio currently worth $64.3 billion.
Prosperity of strategic software and cryptographic business
Over the past five years, Michael Saylor has shifted his strategy from a business intelligence software company to a highly leveraged proxy for Bitcoin investment. His methods of accumulating BTC include stock and debt issuance, convertor memos, and more recently stock sales are prioritized.
According to analysts at Bloomberg, the first quarter of 2025 was a turning point when new accounting rules were implemented that required Bitcoin to be assessed at market prices.
In previous systems, Bitcoin was treated as an intangible asset, forcing companies to record impairment losses when prices fell, but unrealized profits were not recognized unless the assets were sold.
This change allowed the strategy to record quarterly volatility in Bitcoin revenue. When Bitcoin fell 12%, it counted its loss of $4.2 billion in the first quarter, but it is expected to reverse it this quarter with exponential profits.
Bitcoin deniers say the strategy is taking part in the “meaning of finance.”
According to short seller Jim Chanos, investors need to shorten their strategic stocks to buy Bitcoin directly. They argue that the premiums in the company’s stock compared to crypto holdings are unfair. In an interview in late June, he said it belonged to Saylor. Evaluation model “It’s just a financial lack.”
Saylor’s stock price has skyrocketed over 3,300% since the company launched its Bitcoin strategy in mid-2020, when it was still called MicroStrategy. During the same period, Bitcoin won around 1,000%, while the S&P 500 has seen a rise of around 115%. In the second quarter alone, Strategy shares rose 40%, compared to an 11% increase in the broader S&P index.
Following the loss in the first quarter, multiple class action lawsuits have been filed against the Strategy, alleging that executives misunderstood shareholders. In a recent SEC filing, the company said it plans to “struggle to defend these claims.”
Saylor’s Playbook has inspired several companies, including Sharplink Gaming Inc. and Bitmine Immersion Technologies. These are beginning to accumulate other ciphers such as Ether and Solana, and are attempting to replicate the encryption model of the strategy.
