Strategy reports $4.2B loss but aims to raise $21B to buy more Bitcoin

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Strategy reported a $4.2 billion net loss in the first quarter of 2025, primarily due to a $5.9 billion unrealized markdown under new fair value accounting rules, reflecting Bitcoin’s quarter-end price of $82,445.

Despite the loss, the company is pushing ahead with plans to raise $21 billion through an at-the-market equity offering to fund its aggressive Bitcoin strategy.

The planned capital raise coincides with Bitcoin’s rise to nearly $96,000 in late April, positioning Strategy for an estimated $8 billion fair value gain in Q2.

According to the report, Strategy held 553,555 BTC as of late April, acquired at an average cost of $68,459, with shares up 27% year-to-date. The company added 301,335 of those during the first quarter, continuing its aggressive accumulation strategy.

Alongside the capital raise, Strategy also reported a year-to-date BTC Yield of 13.7%, a proprietary performance metric measuring the percentage change in Bitcoin per diluted share. Its BTC $ Gain stood at $4.1 billion for the quarter, nearly halfway toward its original $10 billion target.

Now, the firm is getting more ambitious. It raised its BTC Yield target to 25% from 15% and lifted its BTC $ Gain target to $15 billion. CEO Phong Le credited the momentum to “successful capital execution” and said over 70 public companies globally have begun adopting a Bitcoin treasury model.

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