Bitcoin-focused firm Strategy reported a record $10 billion in net income for the second quarter of 2025, surpassing both Goldman Sachs and Bank of America in profitability despite a narrower business model.
Strategy’s bitcoin-driven surge
According to Bitwise CIO Matt Hougan, Strategy’s Q2 profits were nearly three times higher than Goldman Sachs, which posted $3.7 billion in the same period.
The firm also outperformed Bank of America’s $6.8 billion quarterly earnings.
Strategy’s exceptional performance is attributed to its growing bitcoin treasury, which reached 628,791 BTC by the end of the quarter.
Bitwise Senior Investment Strategist Juan Leon highlighted the significance of these results, stating:
“This is the strongest quarterly profitability in the company’s history.”
Unrealized gains and new targets
Strategy acquired its bitcoin holdings at a cumulative cost of $46.07 billion, achieving a 25% year-to-date return and over $13.2 billion in unrealized gains.
Following this strong performance, the company raised its 2025 targets, now aiming for a 30% annual BTC yield and $20 billion in unrealized gains by year-end.
STRC stock offering
Shortly after releasing its earnings, Strategy filed for a $4.2 billion offering of its new STRC preferred stock.
The firm intends to use proceeds from the offering to buy more bitcoin, cover operations, and pay dividends.
STRC pays a 9% annualized monthly dividend and gives Strategy flexibility to adjust payouts based on bitcoin price and leverage metrics.
Michael Saylor emphasized that the new instrument strengthens capital market operations, giving investors both yield and exposure to bitcoin’s upside.
