Strategy CEO Defends $10B Bitcoin Windfall: ’Market Still Doesn’t Get Us’

Wall Street blinked—and missed the biggest crypto cash grab of 2025.

While analysts were busy downgrading microcap altcoins, Strategy quietly raked in a record $10 billion profit from its Bitcoin holdings. Now the CEO's firing back at skeptics with a single question: 'What part of 'ten billion' don't you understand?'

The ultimate HODL payoff

No fancy derivatives. No yield farming deathtraps. Just old-school conviction in Satoshi's creation—and the stomach to ride through three 40% corrections. 'Turns out diamond hands come with diamond-lined pockets,' quipped the CFO during the earnings call (between sips of Bitcoin-branded champagne).

Wall Street's recurring nightmare

Traditional funds keep waiting for crypto's 'inevitable collapse.' Meanwhile, Strategy's Bitcoin treasury now outweighs the GDP of small nations. 'They call it gambling when we win,' the CEO noted, 'but when JPMorgan chases 5% yields in Venezuelan bonds? That's 'prudent asset allocation.''

The punchline? This $10B score represents just 18 months of gains. Try finding that yield in your grandfather's S&P index fund.

TLDR

• Strategy CEO Phong Le calls the company the “most misunderstood and undervalued stock” despite posting record $10 billion profit in Q2
• Company’s operating income rose 7,100% year-over-year to $14 billion, making it ninth-largest in S&P 500 by income
• Strategy plans to raise $4.2 billion through preferred stock offerings to buy more Bitcoin under its “42/42” plan
• The company currently holds 628,791 Bitcoin worth $73.3 billion and increased its BTC yield target to 30%
• Strategy recently raised $2.5 billion from STRC preferred shares in July, marking the largest US equity raise in 2025

Strategy posted a record $10 billion profit in the second quarter while CEO Phong Le called the Bitcoin-holding company the most misunderstood stock in the market. The company’s shares fell 1.4% in after-hours trading despite the strong earnings results.

BREAKING: @Strategy Reports $10 Billion Q2 Profit, beating all S&P companies. Everyone needs a #Bitcoin Strategy. pic.twitter.com/yv3ptlZXvG

— Carl ₿ MENGER ⚡️🇸🇻 (@CarlBMenger) July 31, 2025

The business intelligence firm’s operating income jumped 7,100% year-over-year to $14 billion in the quarter. This marked the second reporting period where Strategy applied fair value accounting, which includes unrealized gains from Bitcoin holdings.

Strategy announced plans to raise another $4.2 billion through preferred stock offerings to purchase more Bitcoin. This funding effort supports the company’s long-term goal to buy $84 billion worth of cryptocurrency under its upgraded “42/42” plan.

The company’s estimated operating income for 2025 now sits at $34 billion, making it the ninth-largest by income among S&P 500 companies. Despite this performance, Le argues the market fails to properly value the firm.

Strategy holds the 96th-largest market cap in the S&P 500 with one of the lowest profit-to-earnings multiples. Le said the company capitalizes on innovative technology while remaining undervalued by investors.

The firm’s traditional software business generated $114 million in revenue during the quarter. This includes business intelligence products and subscription services that FORM Strategy’s original operations.

Bitcoin Holdings Drive Performance

Strategy has accumulated 628,791 bitcoin worth $73.3 billion at current market prices. The company’s BTC yield increased 25% in the second quarter, exceeding previous targets.

The firm’s “BTC Dollar Gain” reached over $13 billion, already meeting Strategy’s end-of-year projections. BTC yield measures the percentage change between Strategy’s Bitcoin holdings and its diluted shares outstanding.

Strategy raised its full-year BTC yield target to 30% and BTC Dollar Gain target to $20 billion. Le described doubling targets mid-year as a clear success metric for any company.

The company entered an agreement to issue up to $4.2 billion in Variable Rate Series A Perpetual Stretch Preferred Stock. These STRC shares represent Strategy’s main investment vehicle for increasing Bitcoin holdings through what it calls “intelligent leverage.”

Recent Fundraising Success

Strategy completed a $2.5 billion STRC preferred share sale in July 2025. The company used these proceeds to purchase 21,021 Bitcoin in the largest US equity raise of the year.

The STRC shares began trading on the Nasdaq Global Select Market with a 9% variable dividend. Strategy can adjust this dividend rate at its discretion to maintain market price stability.

At current Bitcoin prices, the new $4.2 billion raise could allow Strategy to purchase approximately 36,128 additional Bitcoin. This WOULD further expand the company’s already substantial cryptocurrency treasury.

Strategy’s common stock MSTR closed up 1.73% to $401.86 on Thursday before declining in after-hours trading. The company continues its aggressive Bitcoin acquisition strategy despite market volatility.