Michael Saylor struts through a bitcoin convention (Joe Raedle/Getty Images)

₿ig ₿itcoin energy

(Micro)Strategy has even more aggressive bitcoin plans for 2025

The bitcoin artist formerly known as MicroStrategy has some new tracks to lay out.

2/6/25 11:01AM

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

Sage D. Young15h

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy

17h

Bitcoin is “caught between flow deterioration and macro relief”

Sage D. Young6/15/26

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy

6/15/26

Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.