Strategy to Report $13 Billion in Unrealized Bitcoin Gains, but Core Revenue Lags
Strategy, the tech firm led by Bitcoin bull Michael Saylor, is projected to report over $13 billion in unrealized gains from its Bitcoin holdings in Q2 2025, according to a Bloomberg report. Despite this crypto-fueled windfall, the company’s core software business remains stagnant, with expected revenue of just $112.8 million for the quarter.
Bitcoin Gains Dominate Financials
Data from Bitcoin Treasuries indicates that as of March 31, Strategy held 528,185 BTC, worth $43.5 billion at the time. By the end of June, that figure had swelled to $56.3 billion, reflecting an unrealized gain of $12.8 billion over the three-month period.
On top of that, weekly Bitcoin acquisitions contributed an additional $640 million in paper gains, or about 9%. U.S. Securities and Exchange Commission (SEC) filings reveal that Strategy’s average purchase price per Bitcoin during Q2 was approximately $97,900.
Unrealized gains refer to potential profits from assets still held, based on current market prices. These gains aren’t actualized until the assets are sold.
Revenue vs. Bitcoin Strategy: A Growing Divide
While Strategy’s crypto holdings outperform, its operating business continues to underdeliver. The company’s software division brought in just over $112 million, highlighting an increasingly imbalanced financial model dominated by digital assets.
Strategy’s Market Impact and Stock Performance
Strategy’s aggressive Bitcoin treasury model has inspired over 250 companies to adopt similar strategies, with 26 new adopters in June alone, as per Cointelegraph.
Despite market volatility, Strategy’s stock price has soared more than 170% over the past year, although it fell 6% on Tuesday, according to TradingView.
Bitcoin Yield as a Performance Metric
Saylor continues to champion the firm’s performance, recently posting that Strategy achieved a 7.8% Bitcoin yield in Q2 — a proprietary metric that measures Bitcoin growth per diluted share.
“This isn’t just investment — it’s infrastructure,” Saylor commented on X.
$MSTR generated a BTC Yield of 7.8% in Q2 — a BTC Gain of ₿41,407, worth ~$4.4 billion. pic.twitter.com/olIcXFKohG
— Michael Saylor (@saylor) July 1, 2025
Weekly Buying Spree Continues
Strategy’s momentum shows no sign of slowing. In the final week of June, the firm purchased 4,980 BTC, following a smaller acquisition of 245 BTC for $26 million the week before. Between May 26–30, it also added 705 BTC at a cost of $75.1 million.
These purchases have been financed through a mix of debt, equity, and preferred stock, a strategy some analysts call “highly accretive,” while others warn of potential shareholder dilution.
As Strategy continues to double down on Bitcoin while its operational revenue lags behind, investors remain split — is this a visionary shift in corporate finance, or a crypto-heavy house of cards awaiting a market correction?
