The financial results of the first quarter of 2025 Strategy Highlight a strong momentum in the cryptocurrency sector, with a particular accent on the management of the Bitcoin portfolio. As of April 28, 2025, the company has a portfolio of 553 555 BitcoinFor a total investment of $ 37.90 billion, with an average cost per bitcoin of around 68,459 dollars.
In 2025, one year to date (YTD), the company obtained a “BTC yield” of 13.7%Almost 90% of the initial annual target of 15%. At the same time, the “BTC gain” reached 61,497 Bitcoins, with an economic result of $ 5.8 billion in unrealized gains, corresponding to 58% of the defined objective. This positive trend prompted the company to increase the objectives to 25% of “” “BTC yield“And $ 15 billion in”BTC $ GAINFor 2025.
The CEO Phong stressed it that the excellent progress in Improvement of Bitcoin results from an effective strategy and the adoption of the “fair value” assessment method on digital reserves. This approach led to a cumulative increase of $ 12.7 billion in the company's net assets.
Strategy: Bitcoin portfolio assessment and fluctuations
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Despite the unrealized loss of approximately $ 5.9 billion in the first quarter, caused by a bitcoin quote of around 82,445 dollars, the current value close to 97,300 dollars per bitcoin indicates a potential gain of around 8 billion in the current quarter. This dynamic highlights the importance of volatility on the cryptocurrency market.
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As of March 31, 2025, the 528 185 BTC Cait represents a total market value of $ 43.5 billion, with an initial cost of 35.6 billion dollars. In addition, the average price per Bitcoin held is $ 67,457, significantly lower than the current market value.
Financial capital and markets: emissions and collections
During the first four months of the year, the strategy has considerably widened its capital base, increasing about $ 10 billion thanks to various financial operations:
- A record program of 12,624,595 ordinary actions For around $ 6.6 billion, divided between the first quarter and April 2025.
- A program of Senior convertible notes For $ 2 billion, with a 0% rate and deadline in 2030.
- Important successes in the IPO of perpetual privileged shares, with $ 563 million lifted in January and an additional 710 million in March under the names “strike” and “conflict”.
The company has also approved the increase in the total number of common and privileged actions authorized, thus improving future flexibility on the Haussier market.
The complete conversion and the repurchase of the financial instruments “Convertible tickets of 2027” have extinguished or converted all the obligations of the long -term debt of the strategy, improving the financial structure.
Economic indicators: income, costs and benefits
The first quarter of 2025 saw total income from $ 111.1 millionA slight decrease of 3.6%compared to the same period in 2024. However, key components such as subscription income increased by 61.6%, reaching $ 37.1 million, while product licenses and subscription income recorded an increase of 23.6%, reaching 44.4 million.
On the contrary, support income dropped from 16.2% to 52.5 million, as well as other revenues decreasing by 15%. Despite this inequality, the gross profit Stayed at $ 77.1 million, with a profit margin of 69.4%, slightly less than 74.0% in the first quarter of 2024.
THE operating expenses have experienced a significant increase, reaching around $ 6 billion, mainly due to losses on digital assets. This led to an operating loss of approximately $ 5.921 billion and a net loss of 4.217 billion, which is equivalent to $ 16.49 per diluted share.
However, liquidity has improved, with a balance of $ 60.3 million In cash and equivalent at the end of the quarter, against $ 38.1 million at the end of 2024.
Summary of developments and future prospects
In summary, the strategy presents itself as a key player in the Bitcoin market, with an expanding portfolio and a capitalization strategy that benefits from a favorable market dynamic. The increase in return and profit objectives indicates confidence in the potential of the market for cryptocurrencies of bulls and bear.
Despite the unrealized losses recorded in the first quarter, the adoption of the fair value method and the subsequent growth of the Bitcoin price offer multiple opportunities to improve results in 2025.
In addition, the solid capital which falls under common and privileged actions, as well as the appropriate management of convertible financial instruments, confirms a prudent and dynamic financial approach.
Investors and the market are more generally called upon to monitor the evolution of bitcoin prices and the capacity of the strategy to convert potential gains into real performance, in particular in a context characterized by volatility and disturbing opportunities.
Finally, it is recommended to follow the official quarterly updates to assess in detail the next strategic movements and the impact that results in the results of the company.
