MicroStrategy Doubles Down: $4.2B Bitcoin Bet Cements Its Crypto Dominance

Wall Street's favorite corporate Bitcoin whale just upped the ante—again.

MicroStrategy's latest $4.2 billion crypto splurge isn't just another line item—it's a full-throated middle finger to traditional finance. While bankers fret over 'volatility,' CEO Michael Saylor keeps stacking sats like they're going out of style (spoiler: they're not).

The playbook? Simple. Buy high, buy higher, then tweet about 'hyperbitcoinization' while legacy investors scramble to explain their 2% bond yields.

One question remains: At what point does 'corporate treasury strategy' become a glorified crypto hedge fund? Asking for a Goldman Sachs alum.

TLDR

• Strategy (formerly MicroStrategy) reported $14 billion in unrealized Bitcoin gains for Q2 2025, with holdings valued at $64.36 billion
• The company paused its weekly Bitcoin purchases for the first time since April, currently holding 597,325 BTC
• Strategy announced a new $4.2 billion stock offering (STRD ATM) to raise funds for additional Bitcoin acquisitions
• The company is just 2,675 BTC away from reaching the 600,000 Bitcoin milestone
• Strategy faces a class-action lawsuit over alleged failure to disclose Q1 2025 unrealized losses

Strategy, the world’s largest corporate Bitcoin holder, released its second quarter 2025 results showing $14.05 billion in unrealized gains on its digital asset holdings. The company, formerly known as MicroStrategy, recorded a deferred tax expense of $4.04 billion related to these gains.

The filing with the Securities and Exchange Commission revealed that Strategy’s digital asset carrying value reached $64.36 billion as of June 30, 2025. This figure comes with a related deferred tax liability of $6.31 billion.

Strategy currently holds 597,325 BTC on its balance sheet, valued at nearly $65 billion. The company’s latest purchase involved 4,980 BTC for $531 million, marking its 12th consecutive weekly acquisition.

However, Strategy broke its purchasing pattern last week by skipping its weekly bitcoin buy. This marked the first time since April 2025 that the company paused its regular acquisitions.

The pause occurred as Bitcoin prices fell to $105,400 last Tuesday before surging above $110,000 on Thursday. Strategy previously paused acquisitions when Bitcoin dropped below $87,000.

CEO Michael Saylor posted on social media with the caption “Some weeks you just need to HODL,” suggesting a strategic pause rather than abandoning the buying strategy. The company resumed purchases in April after a previous pause with a 3,459 BTC acquisition announced on April 14.

New $4.2 Billion Stock Offering

Alongside the quarterly results, Strategy announced a new $4.2 billion at-the-market offering program. The company entered into a sales agreement to issue shares of its 10% Series A perpetual Stride (STRD) preferred stock at $0.001 per share.

This new ATM program follows Strategy’s established pattern of equity-raising mechanisms designed to fund Bitcoin purchases. The company has previously launched similar programs including the $21 billion STRK ATM.

According to Strategy’s investor presentation, the company has issued $477 million in STRK and $163 million in STRF ATMs to date. The total remaining ATM capacity across all programs stands at $44.8 billion.

This capacity includes $18.1 billion for MSTR, $4.2 billion for STRD, $20.5 billion for STRK, and $1.9 billion for STRF. The programs allow Strategy to gradually sell newly issued shares to finance additional Bitcoin acquisitions.

Corporate Bitcoin Holdings Surge

Strategy’s position puts it just 2,675 BTC away from reaching the symbolic 600,000 Bitcoin milestone. Other corporations are following similar strategies, with 18 companies adding a combined 8,400 BTC to their treasuries last week.

Strategy led this corporate buying wave with nearly 5,000 BTC, followed by design software Maker Figma. BlackRock’s IBIT ETF recently crossed the 600,000 BTC threshold, demonstrating institutional appetite for Bitcoin exposure.

The company faces a class-action lawsuit accusing Strategy and Saylor of failing to disclose unrealized Q1 2025 losses. The suit claims the company concealed billions in markdowns, which could impact future funding capabilities.

Bitcoin currently trades at approximately $108,650, sitting 28% below its $111,980 peak. Market participants closely watch Strategy’s purchasing announcements, as they often coincide with Bitcoin price movements.

Strategy’s unrealized gains exceeded Bloomberg analysts’ projections of at least $13 billion for the second quarter.