A company heavily invested in Bitcoin, known as Strategy ( Strategy ), has announced its most successful financial quarter ever, reporting a net income of $10 billion for the second quarter of 2025.
Chief Investment Officer of Bitwise, Matt Hougan, remarked that Strategy’s profits significantly surpassed those of major financial institutions. He noted their earnings were almost three times greater than Goldman Sachs’ $3.7 billion profit during the same timeframe.
Strategy also exceeded the performance of Bank of America, despite the latter’s larger and more diversified business operations. Bank of America recorded $6.8 billion in earnings for the second quarter.
Juan Leon, Senior Investment Strategist at Bitwise, characterized these earnings as a significant achievement in profitability for Strategy, the firm headed by Michael Saylor. As she pointed out:
“[This is the] strongest quarterly profitability in the company’s history.”
The firm’s substantial Bitcoin holdings were a key factor in this exceptional financial performance.
By the close of the quarter, Strategy’s Bitcoin reserves had grown to 628,791 BTC, acquired at a total cost of $46.07 billion. The company reported a year-to-date return of 25%, alongside unrealized gains exceeding $13.2 billion.
Driven by these positive outcomes, Strategy has increased its internal benchmarks, now targeting a 30% annual Bitcoin yield and unrealized Bitcoin gains of $20 billion by the end of the year.
$4.2 Billion STRC Share Offering
Following the release of its earnings report, Strategy announced plans for a $4.2 billion offering of its new credit instrument: STRC shares.
The company intends to sell these shares gradually through an at-the-market (ATM) program, adjusting sales based on market prices and trading volumes at the time of each transaction.
The funds generated from this offering will be used to purchase more Bitcoin, cover operating expenses, and potentially distribute dividends on other preferred shares.
STRC, a short-term, high-yield preferred stock, was initially launched in late July. Each share features a $100 liquidation preference and provides monthly dividend payments, beginning with an initial annualized rate of 9.00%.
Strategy reserves the right to adjust the dividend rate based on Bitcoin’s price, the company’s leverage ratio, and other metrics connected to Bitcoin. This structure aims to provide stable yield while maintaining the stock’s market price near its par value.
Saylor highlighted that STRC enhances Strategy’s capital market activities by providing investors with both yield and exposure to potential Bitcoin appreciation.