Strategy Q4 Earnings: Bitcoin Treasury Company Spends $20.5B On BTC, Shares Inch Higher Despite Revenue Miss

MicroStrategy Inc MSTR, which announced a rebrand to Strategy on Wednesday, reported fourth-quarter financial results after the market close. Here’s a look at the key details from the quarter.

Q4 Earnings: Strategy reported fourth-quarter revenue of $120.7 million, missing analyst estimates of $123.25 million, according to Benzinga Pro. The Bitcoin BTC/USD treasury company reported a fourth-quarter adjusted loss of $3.20 per share.

Total revenue was down 3% year-over-year. Subscription services revenue came in at $31.9 million, up 48.4% year-over-year. Product licenses and subscription services revenue was up 18.3% year-over-year. Product support revenues fell 10.8% and other services revenue declined 20.8%.

Strategy ended the quarter with $38.1 million in cash and cash equivalents.

“Earlier today, we announced that we are now Strategy, a new name that powerfully and succinctly conveys the universal and global appeal of our company. Strategy is at the cutting edge of innovation, championing the two most transformative technologies of the 21st century: Bitcoin and AI,” said Phong Le, president and CEO of Strategy.

“We have completed $20 billion of our $42 billion capital plan, significantly ahead of our initial timelines, while leading the digital transformation of capital in the financial markets. Looking ahead to the rest of 2025, we are well-positioned to further enhance shareholder value by leveraging the strong support from institutional and retail investors for our strategic plan.”

Check This Out: MicroStrategy Rebrands As Strategy, Unveils New Logo And Bitcoin-Focused Identity

Bitcoin Holdings: Strategy said it acquired 218,887 Bitcoin in the fourth quarter for $20.5 billion. As of Dec. 31, the company held a total of 447,470 Bitcoin. Total Bitcoin holdings were up to 471,107 as of Wednesday.

Strategy said its Bitcoin yield in full year 2024 was 74.3%. The company revised its annual Bitcoin yield target to a minimum of 15% for 2025. Strategy also introduced a “BTC $ Gain” metric and said its targeting $10 billion in 2025.

“2025 will take our evolution further with the introduction of the BTC $ Gain KPI and when we adopt fair value accounting for our Bitcoin holdings with our Q1 results, transforming our financial results and bringing more transparency to the value generation and profitability of our treasury operations,” said Andrew Kang, CFO of Strategy.

Strategy’s management team will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.

MSTR Price Action: Strategy shares were up 0.20% after-hours, trading at $337.36 at the time of publication Wednesday, according to Benzinga Pro.

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