Bitcoin-focused firm Strategy posted $10 billion in net income for the second quarter of 2025, its strongest financial performance to date.
Bitwise CIO Matt Hougan pointed out that Strategy’s profits were nearly three times higher than Goldman Sachs, which reported $3.7 billion over the same period.
Strategy also outperformed Bank of America, which earned $6.8 billion during Q2, despite having a much larger and more diversified business model.
Considering this, Bitwise Senior Investment Strategist Juan Leon described the earnings as a milestone in profitability for the Michael Saylor-led firm. She noted:
“[This is the] strongest quarterly profitability in the company’s history.”
The firm’s Bitcoin treasury played a pivotal role in this record performance.
By the end of the quarter, Strategy had increased its Bitcoin holdings to 628,791 BTC, acquired at a cumulative cost of $46.07 billion. The company registered a 25% year-to-date return and over $13.2 billion in unrealized gains.
Based on these results, Strategy raised its internal targets, now aiming for a 30% annual BTC yield and $20 billion in unrealized Bitcoin gains by year-end.
$4.2 billion STRC offering
Shortly after releasing its earnings, Strategy filed for a $4.2 billion offering of its new credit instrument, STRC stock.
The firm plans to sell these shares gradually through an at-the-market (ATM) program, factoring in market price and trading volume at each sale.
Proceeds from the offering will be used to purchase additional Bitcoin, cover operational expenses, and potentially pay dividends on other preferred shares.
STRC, a short-term, high-yield preferred stock, was first launched in late July. Each share carries a $100 liquidation preference and pays monthly dividends, starting at an initial annualized rate of 9.00%.
Strategy retains flexibility to adjust the dividend rate depending on Bitcoin’s price, the firm’s leverage ratio, or other BTC-linked metrics. This structure offers yield stability while keeping the stock’s market price close to its par value.
Saylor emphasized that STRC strengthens Strategy’s capital market operations, offering investors both yield and exposure to Bitcoin’s upside.
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