Strategy Plans to Raise Another $21 Billion to Buy Bitcoin Following Q1 Loss

Strategy, formerly known as MicroStrategy, reported a decline of $16.49 per common share in the first quarter of 2025—a result of Bitcoin’s price plunge during the span, the leading Bitcoin treasury firm announced Thursday after equity markets closed.

The Tysons Corner, Virginia-based company recorded a loss of $5.9 billion on its Bitcoin holdings for the period.

Strategy said that it would issue a new $21 billion common stock equity offering, with co-founder and Executive Chairman Michael Saylor writing on X that the funding would help fuel future Bitcoin purchases.

“With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space,” said Phong Le, president and CEO of Strategy, in a statement.

Strategy has pioneered an initiative of issuing shares to increase its Bitcoin holdings.

The company has sold around $20.9 billion worth of common shares since it established its at-the-money equity offering program, with $128 million in common shares left for issuance and sale. 

In October, the company said it plans to raise $42 billion through equity and fixed income sales over the next three years to purchase more Bitcoin than it could otherwise.

For the quarter, revenues of $111 million dropped 3.6% year-over-year. Subscription services’ revenues, meanwhile, increased to $37.1 million, up 61.6%.

Strategy, which pivoted from software development to focus on accumulating Bitcoin, now owns around 554,000 BTC, valued at roughly $53 billion based on current prices.

The company purchased its Bitcoin at an average cost of $68,459 as of April 28.

“We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period,” Le said.

Strategy closed up a few fractions of a percentage point to trade at $381.60, according to Yahoo Finance. Earlier in the day, it rose to $403, a dollar from its all-time high as technology stocks spiked on strong earnings from Meta and Microsoft.

Bitcoin was recently trading at about $96,600, up 2.1% over the past 24 hours, according to data provider CoinGecko. The largest digital asset by market cap is up 13% over the past month after swooning from late January through early April.

Edited by Sebastian Sinclair