Strategy Q1 Earnings: Bitcoin Treasury Company Raises Its 'BTC Yield' And 'BTC $ Gain' Targets For 2025

Strategy Inc MSTR reported financial results for the first quarter on Thursday after the bell. Here’s a look at the key highlights from the Bitcoin BTC/USD treasury company’s report.

Q1 Earnings: Strategy reported first-quarter revenue of $111.07 million, missing analyst estimates of $115.85 million, according to Benzinga Pro. The company reported a first-quarter adjusted loss of $16.53 per share.

Total revenue was down 3.6% year-over-year. Subscription services revenue came in at $37.1 million, up 61.6% year-over-year. Product licenses and subscription services revenue was up 23.6% year-over-year. Product support revenues were down 16.2% and other services revenue declined 15%.

Strategy ended the first quarter with $60.3 million in cash and cash equivalents, up from $38.1 million at the end of 2024.

“Our capital markets strategy continues to grow our Bitcoin holdings while delivering superior shareholder value. With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space,” said Phong Le, president and CEO of Strategy.

Bitcoin Holdings: Strategy achieved a “BTC Yield” of 11% in the first quarter. Bitcoin Yield was up to 13.7% as of April 28. The company reported a BTC Gain of 49,131 in the first quarter, and noted that that number climbed to 61,497 year-to-date.

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Strategy said it held a total of 528,185 Bitcoin as of March 31, acquired at an average price of $67,457 per Bitcoin. The company also announced that it’s increasing its 2025 BTC Yield target to 25%, up from 15%, and its 2025 “BTC $ Gain” target to $15 billion, up from $10 billion.

Strategy executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.

MSTR Price Action: Strategy shares were trading approximately flat at around $383.02 after the close. The stock is up approximately 31% year-to-date, according to Benzinga Pro.

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