Strategy thanks Trump, competitors, the color orange, and the number 42

Strategy had fun with its first-quarter earnings report, and investors seem to like it.

5/2/25 10:44AM

Fresh off its first-quarter earnings report, Strategy was up in early trading this morning. The largest corporate bitcoin holder, with 553,555 bitcoin, announced plans to raise a whopping $84 billion, enough to more than double its bitcoin holdings at current prices. Year to date, it’s acquired 106,085 bitcoin.

Strategy gave a ton of shout-outs in both its earnings presentation and on the analysts’ call.

Phong Le, Strategy’s president and CEO, mentioned, “The pro-crypto stance of the new administration led by President Trump has drawn considerable institutional attention to the asset class.”

The company also acknowledged “notable existing bitcoin treasury companies,” including MARA Holdings, Semler Scientific, and Metaplanet. New entrants were also given a nod, including GameStop and Twenty One Capital, even though the new Jack Mallers-led company said its bitcoin vehicle will be “superior” to Strategy’s.

Strategy also gave a shout-out to Douglas Adams’ “The Hitchhiker’s Guide to the Galaxy” with its capital raising target through the end 2027: $42 billion in equity and $42 billion in fixed income. (“Forty-two” is the famous answer to the ultimate question in the books.)

Last but not least, the color orange was also thanked, as it’s the new brand’s primary color, “which represents energy, intelligence and bitcoin.” Strategy’s orange merch also got a mention.

Speaking of the competition, Semler Scientific acquired 111 bitcoin for $10 million, now holding 3,303 bitcoin, as it continues to add to its bitcoin reserve.

And Metaplanet announced today that it issued 3.6 billion yen ($25 million) in 0% ordinary bonds to purchase additional bitcoin. Earlier this week, the Japanese company announced it was establishing a wholly owned subsidiary, Metaplanet Treasury Corp., in Florida.

“The new company is expected to raise up to $250 million in capital, which will be an important step in accelerating its Bitcoin treasury strategy,” according to the announcement.

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Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump.

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.