tl;dr
Strategy's Bitcoin investment operation reported a year-to-date BTC Yield of 13.7% and a BTC gain of $5.8 billion as of April 28. The firm raised its full-year BTC Yield target from 15% to 25% and increased its BTC gain projection from $10 billion to $15 billion. Total Bitcoin holdings reached 553,5...
Strategy’s Bitcoin-focused investment operation reported a year-to-date BTC Yield of 13.7% and a BTC $ Gain of $5.8 billion as of April 28, marking a substantial performance milestone. The firm raised its full-year BTC Yield target from 15% to 25%, boosting its BTC gain projection from $10 billion to $15 billion.
Total Bitcoin holdings reached 553,555 BTC with a cumulative cost of $37.9 billion, averaging approximately $68,459 per coin. These figures include a record $21 billion at-the-market (ATM) equity offering in Q1, adding 301,335 BTC to the balance sheet.
Strategy uses three internal performance indicators related to its Bitcoin strategy: BTC Yield, BTC Gain, and BTC $ Gain. BTC Yield measures the percentage change in Bitcoin holdings per diluted share, which stood at 13.7% year-to-date. BTC Gain expresses this in Bitcoin terms, totaling 61,497 BTC gained year-to-date. BTC $ Gain translates this gain into dollar terms, valued at $5.8 billion based on BTC prices around $95,000 on April 28.
On January 1, Strategy adopted ASU 2023-08, a fair value accounting standard for digital assets, which increased retained earnings by $12.7 billion. Despite this, the company reported a $5.9 billion unrealized fair value loss in Q1 due to BTC price fluctuations. However, the price recovery to about $97,300 in late April points to an estimated $8 billion fair value gain for Q2.
As of March 31, Strategy held 528,185 BTC with a cost basis of $35.6 billion and market value of $43.5 billion, averaging an acquisition price of $67,457 per BTC.
Strategic capital deployment included raising $10 billion through stock offerings and convertible notes in early 2025. This capital was deployed to acquire additional Bitcoin, supporting the goal of increasing BTC exposure per share. The firm retains $20.9 billion in capacity under its STRK ATM offering agreement.
While these key performance indicators highlight capital efficiency and Bitcoin accumulation, the firm stresses they are internal metrics—not traditional financial returns—and do not account for liabilities or preferred stock dividends. Through raised BTC targets and fair value accounting adoption, Strategy aims to remain a premier capital markets vehicle for Bitcoin exposure.