In a remarkable turn of events, Strategy, recognized as the largest corporate holder of Bitcoin, significantly enhanced its digital asset portfolio, adding an impressive $21 billion during the second quarter of 2025. This growth was primarily propelled by a notable spike in Bitcoin’s market value.
According to reports from the firm, led by Michael Saylor, Bitcoin experienced a dramatic rise, climbing from $82,445 to $107,752 in the period between April and June. This surge led to substantial unrealized gains on its Bitcoin holdings, which now stand at an impressive $14.05 billion.
Of this unrealized gain, $13.4 billion was attributed to previously acquired Bitcoin, while an additional $700 million came from new purchases made during the quarter.
Alongside these unrealized gains, Strategy revealed that it acquired a staggering 69,140 BTC during the second quarter, investing approximately $7 billion in the process.
As a result of these strategic acquisitions, Strategy’s total Bitcoin holdings surged to 597,325 BTC by June 30, a marked increase from 528,185 BTC at the end of the first quarter. This successful strategy has led to a significant rise in the market value of its Bitcoin holdings, growing from $43.5 billion to an impressive $64.4 billion.
However, the substantial gains on Bitcoin have also resulted in significant tax implications for Strategy. The company reported a deferred tax expense of $4.04 billion in Q2, bringing its total deferred tax liability to a noteworthy $6.31 billion.
$4.2 Billion STRD Offering
In a bid to bolster its capability for further Bitcoin acquisitions, Strategy announced the launch of a preferred stock offering aimed at raising up to $4.2 billion through the sale of STRD shares.
The company has declared that the proceeds will be primarily directed towards Bitcoin purchases and may also support dividend distributions on its Series A Perpetual Strife and Series A Perpetual Strike shares.
According to the prospectus for the STRD shares, board representation for shareholders will only be granted if regular dividends are paid. Despite this stipulation, there has been a robust interest from institutional investors in the offering.
Crypto analyst Jesse observed that the strong demand for Strategy’s preferred shares illustrates a growing institutional interest in Bitcoin exposure while seeking lower volatility. He characterized the offerings—STRF, STRK, and STRD—as long-duration, income-generating instruments with minimal direct correlation to the price of Bitcoin.
Adding to the intrigue, Jesse noted that trading volumes for these instruments have surged to 40 times the typical volume seen in equivalent traditional markets. This structure empowers Strategy to issue new shares at a premium while simultaneously increasing its Bitcoin-per-share ratio as market yields decrease.
Importantly, each class of preferred stock has demonstrated strong performance since their introduction, positioning Strategy as a leader in the evolution of credit markets towards blockchain-based finance.
The developments surrounding Strategy’s Bitcoin holdings and financial maneuvers indicate a dynamic and increasingly complex landscape for corporate engagement with digital assets.
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