MicroStrategy (now doing business as Strategy) has announced a stunning second quarter for 2025, revealing a record net income of $10.0 billion. This dramatic turnaround, compared to a net loss of $102.6 million in the same period last year, is primarily driven by the company's massive bet on Bitcoin.
The business intelligence software company turned Bitcoin treasury firm saw its revenue rise modestly to $114.5 million. However, the main driver of profitability was the $14.05 billion unrealized gain on its digital assets as Bitcoin's price surged during the quarter. The earnings per share (EPS) came in at $32.60, significantly beating analyst forecasts.
As of late July 2025, MicroStrategy increased its holdings to 628,791 bitcoins, which represents about 3% of the circulating supply. The company is continuing its aggressive accumulation strategy. In a Securities and Exchange Commission filing, Strategy announced it would raise $4.2 billion through its STRC preferred stock offering to fund further Bitcoin purchases.
Phong Le, President and CEO, stated, "In the second quarter and into July, Strategy delivered another period of exceptional execution and growth. We expanded our bitcoin holdings to 628,791 bitcoins, raised over $10 billion through our ATM programs and IPOs, and saw growing institutional and retail demand for our securities." The company also raised its full-year guidance, expecting operating income of about $34 billion and an adjusted EPS of about $80, assuming a Bitcoin price of $150,000 by year-end.
These results underscore MicroStrategy's transformation from a software firm into a de facto Bitcoin investment vehicle, with its stock performance now closely tied to the cryptocurrency's price movements. The strategy, while carrying risks due to Bitcoin's volatility, has so far paid off handsomely for the company and its shareholders.