Saylor’s Strategy Doubles Capital Raise for Bitcoin Purchase to $84B Despite Record Loss

Michael Saylor’s firm, Strategy, has announced it is doubling its capital raising plan to $84 billion in an aggressive push to acquire more Bitcoin—even as the company posted a record $4.2 billion net loss in the first quarter of 2025.

The loss stems from a recently adopted accounting rule requiring firms to value digital asset holdings like Bitcoin at market prices.

Strategy, which owns approximately 554,000 BTC worth about $53 billion, adopted the rule in Q1 following its approval at the end of 2024.

Strategy Files to Sell Additional $21B in Shares After Exhausting Previous Offering

The Virginia-based company disclosed Thursday that it has filed to sell an additional $21 billion in common shares after depleting a previous program of the same size authorized in October.

It also doubled its debt issuance target from $21 billion to $42 billion, leaving $14.6 billion remaining under its current authorization.

The expanded programs are part of Strategy’s ongoing effort to finance Bitcoin acquisitions through equity and debt offerings.

Since launching its at-the-market equity program, the firm has sold roughly $20.9 billion in shares, with only $128 million left available for sale.

In an October statement, Strategy outlined its goal of raising $42 billion over three years through equity and fixed income instruments to increase its Bitcoin exposure beyond what traditional revenues could support.

Previously, Strategy classified its Bitcoin as intangible assets, a designation that required it to record permanent impairments when prices fell while only recognizing gains upon sale.

The new accounting approach brings more transparency but also amplifies short-term volatility in financial results.

In Q1 2025, Strategy reported revenue of $111 million, a 3.6% year-over-year decline. However, subscription services revenue rose sharply to $37.1 million, up 61.6% from the same period last year.

Despite its roots in software, Strategy has repositioned itself as a leveraged proxy for Bitcoin exposure under the leadership of Saylor, its outspoken founder and executive chairman.

The firm’s average purchase price for its Bitcoin holdings now stands at $68,459 per BTC as of April 28.

Public Companies Boost Bitcoin Holdings by 16% in Q1 2025

Publicly traded companies increased their Bitcoin holdings by 16.1% in the first quarter of 2025, signaling continued institutional interest in the leading cryptocurrency despite market volatility.

According to crypto asset manager Bitwise, total corporate Bitcoin holdings climbed to approximately 688,000 BTC by the end of Q1, with companies adding 95,431 BTC over the three-month period.

Bitwise reported the combined value of these holdings reached $56.7 billion, based on a Q1 closing price of $82,445 per Bitcoin—representing a 2.2% increase in value.

More recently, healthcare technology firm Semler Scientific expanded its Bitcoin holdings with a fresh $10 million purchase, signaling a continued strategic pivot toward digital assets.

The latest purchase brings the company’s total Bitcoin treasury to over 3,300 BTC, valued at approximately $300 million based on current market prices.

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