MicroStrategy, now Strategy, just reported a jaw-dropping $14 billion in unrealized gains for Q2 of 2025, thanks to the BTC price climbing. This move shows that Saylor’s bullish thesis has been spot on.
To keep the momentum, the firm launched a $4.2 billion stock offering aimed at gaining even more
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. It appears that Saylor’s strategy of leveraging stock to acquire more BTC is effective, and volatility is no stranger to him.
$14 Billion BTC Gain in Q2: Strategy Bold Bet Pays Off
In Q2 2025, Strategy locked in a massive $14 billion unrealized gain on its Bitcoin Holdings, showing just how powerful its BTC strategy has become. Bitcoin price jumped from $82,000 to $108,000 between April and June, putting its massive stash on huge profit.
As of the 6th of July, Strategy is holding 597,325 BTC, acquired at an average price of $70,982, totalling $42.4 billion in cost basis. This move from BTC made the previous Q1 unrealized losses of $5.91 billion to staggering winning in Q2.
JUST IN: Michael Saylor's Strategy announces $4.2 Billion $STRD ATM program to buy more Bitcoin
They recently posted $14 Billion in unrealized Q2 profits. 🔥 pic.twitter.com/U22s3AKpdx
— Roxom TV (@RoxomTV) July 7, 2025
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Accounting changes also played a role. The adoption of ASU 2023-08 made a change in $4.04 billion deferred tax expenses and $6.31 billion in deferred tax liabilities. But even with that cleared of a picture, the bullish picture remains.
During Q2, Strategy scooped another 69,140 new BTC worth $6,77 billion, funded through stock sales, reflecting their aggressive approach. Prices for BTC during the quarter swung between $74,420 and $112,000, with $107,700 right now clearly giving them a huge stock of unrealized gains.
This aggressive buying is not just about holding. It is about leveraging price action and deploying capital raised from equity markets to buy dips. Turning corporate finance into a Bitcoin-maxi playbook. So far, Saylors’ thesis that BTC outperforms cash is validated by those $14 billion.
“It’s definitely not rocket science…”
John Haar makes Saylor’s Bitcoin thesis crystal clear for anyone still catching up. 👇 pic.twitter.com/8sIpsOreNg
— Swan (@Swan) June 5, 2025
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$4.2 Billion Stock Offering: Fuel For The Bitcoin Fire
Looks like Strategy doesn’t have a break. Right after reporting its Q2 gains, the company announced a $4.2 billion stock offering. Selling 10% Series A Perpetual Stride Preferred Stock (STRD) through an at-the-market (ATM) program. This isn’t just some standard raise.
It is a deliberate push to keep stacking sats while the market is hot. Proceeds will go towards buying more BTC, managing working capital, and even potentially paying dividends. It is the same formula Saylor has used and refined quarter after quarter. Using equity markets as a funding vehicle to deepen BTC exposure.
🚨BREAKING: Strategy has announced plans to launch an IPO for its 10% Series A Perpetual STRD Stock to raise funds for general purposes, including buying more #Bitcoin. pic.twitter.com/kyUkIdM06P
— Cointelegraph (@Cointelegraph) June 2, 2025
This latest ATM follows a busy Q2, where Strategy raised $6.8 billion in net proceeds. $5.2 billion from common stock programs and nearly $980 million from a previous STRD offering.
With the preferred stock portfolio now totalling $3.4 billion and having $315 million in annual dividends, the company is leaning towards a high-leverage, high-conviction play. As of the end of Q2, it still had over $40 billion in unused ATM issuance capacity across various programs, giving it plenty of firepower for future moves.
Bulls see this as a genius move to ride Bitcoin bull run, while bears warn of dilution risks and overexposure to a volatile asset. But for Saylor and Strategy, the play is clear: double down when conviction is high.
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