Strategy (NASDAQ: MSTR), the Bitcoin-focused treasury and software firm, has posted its strongest financial quarter in company history, driven by record-breaking gains from its Bitcoin holdings.
For Q2 2025, Strategy reported $14.03 billion in operating income, marking a staggering 7,106% increase year-over-year.
The surge was fueled by the company’s sizable Bitcoin balance sheet, which benefited from the cryptocurrency’s all-time highs earlier this quarter. According to the company, its unrealized gains on digital assets totaled $14 billion, helping Strategy surpass its full-year BTC yield target of 25%, months ahead of schedule.
“These financial results, built upon the scale and performance of our bitcoin balance sheet, are at all-time highs for the company and rank among the most successful quarterly results across the largest public companies in the world,” said CFO Andrew Kang.
Total revenues rose modestly to $114.5 million, a 2.7% year-over-year increase, but the real driver of the quarter’s success was Bitcoin-related earnings. Net income reached $10.02 billion, or $32.60 per share, a dramatic reversal from the $200.3 million operating loss recorded during the same quarter in 2024.
This marks the second quarter Strategy has reported earnings using fair value accounting for its digital assets. Prior to 2025, the company followed the cost-less-impairment model, under which its digital assets would have posted $180 million in impairment losses.
Strategy’s aggressive Bitcoin strategy continues to pay off, positioning the firm as a standout performer in the intersection of corporate treasury and digital asset markets.
