Saylor’s Bitcoin-Focused Firm Sets Aggressive 25% Yield Target for 2025
Strategy, the Bitcoin-focused firm led by Michael Saylor (formerly known as MicroStrategy), missed Wall Street expectations in its first-quarter 2025 earnings, but highlighted its 13.7% year-to-date yield on its extensive Bitcoin (BTC) holdings as a key metric of performance.
In its May 1 earnings report, Strategy said the yield equates to a gain of over 61,000 BTC, valued at approximately $5.8 billion. These metrics are internally defined and not based on conventional GAAP accounting but serve to benchmark the return on its Bitcoin investment strategy.
“We’re increasing our Bitcoin yield target to 25% and our Bitcoin gain target to $15 billion for the year,” said Andrew Kang, Strategy’s Chief Financial Officer.
Q1 Results Miss Analyst Expectations
Despite strong Bitcoin-related metrics, Strategy fell short of market expectations on both the top and bottom line:
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Revenue: $111.1 million — down 3.6% year-over-year and 5% below analyst estimates
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Net Loss: $4.2 billion, or $16.49 per diluted share, missing expectations of an 11 cent per share loss
The dramatic net loss was largely driven by a $5.9 billion unrealized loss on its Bitcoin holdings, which also pushed operating expenses for the quarter to $6 billion, a nearly 2,000% year-over-year increase.
Expanding Bitcoin Bet: $21 Billion in New Stock Issuance
Undeterred by the quarterly miss, Strategy announced plans to offer an additional $21 billion in stock to finance future Bitcoin acquisitions — continuing its aggressive accumulation strategy.
As of May 1, Strategy holds over 550,000 BTC, purchased at an average price of approximately $68,500 per coin. The firm’s total Bitcoin investment amounts to nearly $38 billion, while its current Bitcoin treasury is valued at over $53 billion based on a BTC price of around $97,059.
Shares of Strategy (ticker: MSTR) are up 31.5% year-to-date, though still trading below the November 2024 high of over $470 per share.
Institutional Accumulation May Squeeze Retail Access
Industry analysts note that institutional and corporate accumulation of Bitcoin, led by firms like Strategy, is tightening supply and pushing prices higher, potentially making it harder for retail investors to access large holdings.
According to BitcoinTreasuries.NET:
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Public companies now hold over $73 billion worth of Bitcoin
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Bitcoin ETFs and institutional funds manage another $128 billion
This growing institutional footprint is reshaping Bitcoin’s supply dynamics and market structure, reinforcing its role as a corporate treasury asset.
Final Thoughts: Strategy Bets Big on Bitcoin Yield and Dominance
Despite missing quarterly expectations, Strategy remains firmly committed to Bitcoin as its core business model — now doubling down with bold yield targets and further capital raises to expand its holdings.
As corporate and institutional Bitcoin holdings balloon, Strategy’s aggressive approach continues to make it the largest BTC-holding public company, effectively becoming a proxy for Bitcoin exposure on traditional markets.
Whether its yield targets are met or not, one thing is clear: Strategy is all-in on Bitcoin — and it’s inviting the market to join in.
