Catenaa, Friday, May 02, 2025-Strategy (MSTR) reported steep first-quarter losses Thursday, missing Wall Street estimates, but raised its full-year bitcoin profit target to $15 billion as it doubles down on its aggressive cryptocurrency accumulation strategy.
The firm posted a net loss of $4.2 billion, or $16.49 per diluted share, far wider than the $0.11 per-share loss analysts expected. Revenue fell to $111.1 million, down 3.6% year-over-year and 5% below estimates.
Operating expenses soared more than 1,100% to $6 billion, driven by $5.91 billion in unrealized losses on bitcoin holdings. Strategy bought 80,715 bitcoins during the quarter at a cost of $7.66 billion. The company now holds 553,555 BTC, valued around $52 billion.
Despite the loss, Strategy upgraded its 2025 “BTC $ Gain” forecast from $10 billion to $15 billion. The company defines the metric as a function of its bitcoin holdings’ yield and share dilution.
Its year-to-date BTC Yield stands at 13.7%, with a $5.8 billion gain logged so far.
Strategy also announced a new $21 billion at-the-market equity offering, as existing equity and debt programs near exhaustion.
Shares of MSTR are up 30% year to date, closing Thursday at $381.60, giving the firm a market capitalization of $104 billion.
