(Micro)Strategy has even more aggressive bitcoin plans for 2025
The bitcoin artist formerly known as MicroStrategy has some new tracks to lay out.
On its first earnings call as “Strategy,” the bitcoin artist formerly known as MicroStrategy reported its largest-ever increase in quarterly bitcoin holdings. The largest bitcoin corporate hodler stashed 258,320 bitcoin bought for $22.1 billion in 2024 and now holds 471,107 bitcoin.
“MSTR wants to be viewed as the Berkshire Hathaway of bitcoin, gradually moving beyond its enterprise software roots,” Todd Ruoff, the CEO of Autonomys, said. “MicroStrategy, the software company, is dead. Strategy, the bitcoin behemoth, is just getting started.”
It was the company’s first earnings report since it joined the Nasdaq in December 2024, and came just a few hours after it announced its rebranding. Strategy had impairment losses on its digital assets of $1.01 billion in the fourth quarter, up from $39.2 million a year ago, according to the earnings release.
Strategy reported a net loss of $3.03 earnings per share, far worse than analysts’ expectations, which expected a loss of just $0.09 a share, according to FactSet.
The company was down over 3% at market close, and while it sunk down a bit more on the earnings news, its regained some of those losses and is currently down under 1% on the day as of 10:30 a.m. ET.
Bitcoin’s price hasn’t budged much in either direction on the news, hovering around $97,000 and holding steady on Thursday morning.
Other notable points include the company raising an additional $584 million via the launch of its STRK convertible preferred offering.
Finally, it reported on its Capital Raising Plan targeting $42 billion to purchase bitcoin, saying they were ahead of schedule and had already raised “80% of our $21 billion equity target and 17% of our fixed income target.”
The company’s legacy software business — you know, the thing it used to be before becoming a bitcoin holding company — reported $120.7 million in revenue, a meager portion of its overall earnings.
“I don’t think people buy this company for the software business, and the stock price moves more to the heartbeat of bitcoin,” Kevin Rusher, founder of tokenization platform RAAC, said. “I wouldn’t be surprised if they sell the software business at some point in the future to be a 100% bitcoin proxy company.”
The rebranding triggered mixed reactions. While some viewed it as a brilliant move, others argued it was “kind of meaningless.”
“It should be neutral for the stock; no one doubted they had a bitcoin focus,” Greg Di Prisco, cofounder of M^0 Labs, said. “The stock is trading at nearly 2x the value of its bitcoin holdings and its revenues will only marginally add to its ability to purchase BTC. It’s hard to imagine how you’re not better off just buying a bitcoin ETF.”
Saylor is pumped up
It was a great day for Michael Saylor, who is even more bullish for 2025, thanks to the “bitcoin president” and the “pro-bitcoin cabinet.”
“We’ve seen an end to the war on crypto. We’ve got 250-plus pro-crypto legislators in Congress,” he said during the earnings call. “We’ve seen the repeal of SAB 121, which had an effect of preventing banks from being able to consider banking bitcoin. We’ve got a lot of enthusiasm around the strategic bitcoin reserve act, and we’ve seen a dramatic increase in bitcoin standard companies.”
He also acknowledged other companies following in Strategy’s footsteps, including MARA Holdings, Riot, Semler, Metaplanet, and KULR Technology, which “are all beginning to adopt bitcoin as a treasury reserve asset.”
As for what’s in store for 2025, Executive Vice President and CFO Andrew Kang said the company can’t predict the price of bitcoin or the direction of the equity and debt capital markets.
“However, we are confident that our bitcoin treasury strategy will continue to generate value and are revising our targets for 2025 to achieve a minimum of 15% BTC Yield and a $10 billion BTC dollar gain for 2025,” Kang said.
Arman Meguerian, founder and CEO of Timestamp, said that this yield target suggests an even more aggressive approach to capital deployment.
“Saylor is tripling down, but now with more refined capital allocation tools,” Meguerian said. “This is no longer just an accumulation strategy — it’s a financialized bitcoin strategy aimed at maximizing yield while maintaining leverage within a defined range. If BTC appreciates significantly in 2025, Strategy will continue to be a monster stock.”
Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider
