How much bitcoin did Strategy hold and what did it cost?

As of June 30, 2025, Strategy held approximately 597,325 bitcoins acquired at an aggregate purchase price of $42.40 billion, an average purchase price of $70,982 per bitcoin, inclusive of fees and expenses. The digital asset carrying value was $64.36 billion. The filing reports a June 30 market price of $107,751.68 per bitcoin on Coinbase.

How did the company's quarterly results reflect its bitcoin holdings?

The company recorded a $14.05 billion unrealized gain on digital assets in the quarter ended June 30, 2025, partially offset by a related deferred tax expense of $4.04 billion. Under ASU 2023-08, which was adopted January 1, 2025, changes in bitcoin fair value now flow through the income statement each period, which the filing says will make results volatile and not comparable to prior periods.

How much capital did the company raise and how is it being used?

The company received aggregate net proceeds of $6.8 billion in Q2 2025 from its STRF and STRK ATM programs, the STRD offering, and its 2024 and 2025 common ATM programs. The filing states that $5.2 billion of common ATM proceeds, $979.7 million from the STRD offering, $438.0 million from the STRK ATM and $163.0 million from the STRF ATM were used to purchase bitcoin in the quarter.

What debt and dividend obligations does the company carry?

As of June 30, 2025, outstanding indebtedness totaled $8.24 billion, including convertible notes due 2028 through 2032 and a small secured loan. Preferred stock carries aggregate annual regular dividends of $315.9 million. The filing states that the enterprise analytics software business has not generated positive cash flow from operations in recent periods and that the company may need to sell bitcoin or raise financing to satisfy these obligations.

Strategy 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed July 7, 2025. Cited figures are marked; the original filing is the authoritative source.

On July 7, 2025, MicroStrategy Incorporated d/b/a Strategy reported unaudited information for the quarter ended June 30, 2025, covering capital markets activity, bitcoin acquisitions, capital structure and indebtedness, bitcoin holdings and financial statement impacts.

KPMG LLP has not audited or reviewed this financial information. As of June 30, 2025, the company held 597,325 bitcoins with an aggregate purchase price of $42.40 billion^a (average $70,982 per bitcoin) and a digital asset carrying value of $64.36 billion. The company recorded a $14.05 billion unrealized gain on digital assets in the quarter, with an associated deferred tax expense of $4.04 billion, following its adoption of ASU 2023-08 on January 1, 2025.

The company raised aggregate net proceeds of $6.8 billion^b in the quarter across its STRF and STRK at-the-market programs, the STRD registered underwritten offering, and its 2024 and 2025 common ATM programs. As of June 30, 2025, outstanding indebtedness was $8.24 billion, consisting of six convertible note series and a small secured loan, and the filing states that the 2028, 2030A, 2031 and 2032 convertible notes became convertible at holders' option during the third quarter of 2025. Preferred stock outstanding carries aggregate annual regular dividends of $315.9 million, and the filing notes that the company expects to become subject to the corporate alternative minimum tax beginning in the 2026 tax year absent relief.

The filing also highlights ongoing risks: the company's enterprise analytics software business has not generated positive operating cash flow in recent periods, and the company states it may need to sell bitcoin or raise capital to meet debt and dividend obligations. Its market price is also highly sensitive to bitcoin's price, and Michael Saylor controls approximately 42.92%^c of total voting power as of June 30, 2025.

02—Key points

Key Highlights

Bitcoin holdings of 597,325 bitcoins as of June 30, 2025, acquired at an aggregate purchase price of $42.40 billion, with a digital asset carrying value of $64.36 billion.
Unrealized gain on digital assets of $14.05 billion in Q2 2025, with an associated deferred tax expense of $4.04 billion, reflecting the adoption of ASU 2023-08.
Net proceeds of $6.8 billion raised in Q2 2025 across STRF, STRK, STRD preferred offerings and common ATM programs.
Total indebtedness of $8.24 billion as of June 30, 2025, including $8.21 billion principal of convertible notes.
As of July 6, 2025, the company acquired no bitcoin during the period from June 30 to July 6, 2025, and its aggregate holdings remained 597,325 bitcoins.
Outstanding preferred stock with $3.4 billion aggregate notional value and annual regular dividends of $315.9 million.
The filing states the company expects to become subject to the corporate alternative minimum tax beginning in the 2026 tax year, unless relief is provided.

03—Questions

Frequently Asked Questions

How much bitcoin did Strategy hold and what did it cost?
As of June 30, 2025, Strategy held approximately 597,325 bitcoins acquired at an aggregate purchase price of $42.40 billion, an average purchase price of $70,982 per bitcoin, inclusive of fees and expenses. The digital asset carrying value was $64.36 billion. The filing reports a June 30 market price of $107,751.68 per bitcoin on Coinbase.
How did the company's quarterly results reflect its bitcoin holdings?
The company recorded a $14.05 billion unrealized gain on digital assets in the quarter ended June 30, 2025, partially offset by a related deferred tax expense of $4.04 billion. Under ASU 2023-08, which was adopted January 1, 2025, changes in bitcoin fair value now flow through the income statement each period, which the filing says will make results volatile and not comparable to prior periods.
How much capital did the company raise and how is it being used?
The company received aggregate net proceeds of $6.8 billion in Q2 2025 from its STRF and STRK ATM programs, the STRD offering, and its 2024 and 2025 common ATM programs. The filing states that $5.2 billion of common ATM proceeds, $979.7 million from the STRD offering, $438.0 million from the STRK ATM and $163.0 million from the STRF ATM were used to purchase bitcoin in the quarter.
What debt and dividend obligations does the company carry?
As of June 30, 2025, outstanding indebtedness totaled $8.24 billion, including convertible notes due 2028 through 2032 and a small secured loan. Preferred stock carries aggregate annual regular dividends of $315.9 million. The filing states that the enterprise analytics software business has not generated positive cash flow from operations in recent periods and that the company may need to sell bitcoin or raise financing to satisfy these obligations.

04—Continue

← View all 8-K filings