Saylor’s Strategy Delivers Record-Setting Unrealized Gains in Q2

Strategy, under the leadership of Michael Saylor, has reported a transformative second quarter for 2025, driven by its bold stance on digital assets and the exceptional performance of bitcoin. Notably, the company’s operating income soared to approximately $14.03 billion—a year-over-year increase exceeding 7,100%. This remarkable surge was largely attributed to an unrealized gain of $14 billion on its extensive bitcoin holdings under the recently adopted fair value accounting standards.

Earnings per share reached a historic $32.60, highlighting not just the impact of rising bitcoin prices but also the effectiveness of the company’s aggressive accumulation strategy. Net income for the quarter totaled $10.02 billion, reversing a net loss in the prior year’s comparable period. Cash and cash equivalents also improved, reflecting prudent financial management amid market volatility.

Strategy further cemented its position as one of the largest corporate bitcoin holders, with reserves reaching 628,791 BTC—valued at approximately $74 billion at the quarter’s close. This continued accumulation included a recent acquisition of 21,000 BTC, marking the firm’s largest single purchase since April and reinforcing its central thesis: bitcoin remains a strategic treasury asset capable of generating significant shareholder value.

Looking ahead, management has guided for full-year net income of $24 billion, based on a positive bitcoin price outlook and ongoing confidence in the digital asset’s long-term prospects. Newly introduced metrics, such as Bitcoin per Share (BPS), illustrate the growing accretion of bitcoin to equity, demonstrating tangible value creation for investors.

The confluence of operating results, strengthened balance sheet, and a robust digital asset strategy marks this as a pivotal chapter for Strategy, with the company well-positioned to sustain its momentum as digital assets reshape the corporate treasury landscape.