Strategy (MSTR) simply launched its Q1 2025 earnings presentation, and it was greater than a routine replace—it was a full blueprint for how you can scale a company Bitcoin treasury with institutional rigor. Strategy (previously Microstrategy) laid out its evolving capital plans, up to date KPIs, and the monetary logic behind each lever it pulls.
If you’re a CFO, investor, or strategic operator evaluating Bitcoin as a company asset, this earnings name supplied a transparent have a look at how to consider Bitcoin-backed capital construction, efficiency measurement, and long-term worth creation. Listed here are the important thing takeaways:
1. Relentless Bitcoin Accumulation at Scale
Strategy now holds 553,555 BTC—essentially the most of any public firm on Earth. Yr-to-date, they acquired a further 106,085 BTC at a mean value of ~$93,600, bringing their whole market worth to roughly $52 billion. That equates to 2.6% of the overall Bitcoin provide.
What makes this notable isn’t simply the dimensions of the holding—it’s the tempo and consistency of accumulation. Strategy has added to its Bitcoin place in each single quarter since August 2020. Not one quarter missed. This isn’t opportunistic allocation—it’s a disciplined treasury play.
Importantly, 100% of MSTR’s Bitcoin stays unencumbered. That makes it pristine collateral, usable for future mounted revenue devices or as a backstop for equity-linked choices.
For company finance leaders, this underscores that Bitcoin might be scaled and managed with the identical predictability as any core treasury asset—if the methods and self-discipline are in place.
2. $10B Raised in Simply 4 Months
In the primary 4 months of 2025 alone, Strategy raised $10 billion by means of a diversified capital stack:
- $6.6B through ATM fairness
- $2.0B through convertible notes (0% coupon, 35% conversion premium)
- $1.4B through most popular fairness (Strike & Strife)
This tempo is exceptional. However extra importantly, each capital increase is measured in opposition to BTC-specific KPIs: yield, torque, and NAV influence. Every issuance is assessed not by fiat metrics like EPS or EBITDA, however by its means to compound Bitcoin per share.
That distinction is important: Strategy (MSTR) isn’t making an attempt to play protection in opposition to inflation. They’re enjoying offense—turning capital into Bitcoin, and Bitcoin into long-term outperformance.
For different public corporations, it is a roadmap for executing a Bitcoin capital technique with out counting on working revenue or ready for a high-cash-flow quarter.
3. A New Capital Ambition: The $42/$42 Plan
In This fall of 2024, Strategy launched the “21/21 Plan” to lift $21B in fairness and $21B in mounted revenue. As of Q1 2025, they’ve practically accomplished that.
So that they doubled it.
The new goal is the “42/42 Plan”:
- $42 billion in fairness
- $42 billion in mounted revenue
- Timeline: Finish of 2027
Why does this matter? As a result of it establishes a mannequin for scalable Bitcoin accumulation by means of structured capital formation. Strategy isn’t simply holding Bitcoin; they’re constructing the structure to do it perpetually.
This capital plan provides them the runway to scale with market situations, work totally different ends of the yield curve, and refine leverage over time. It’s a stage of economic engineering that treasury groups ought to examine.
4. Bitcoin KPIs Reimagined: Yield, Acquire, and Torque
Strategy raised its inside targets for 2025:
- BTC Yield: 15% → 25%
- BTC Greenback Acquire: $10B → $15B
What do these imply?
- BTC Yield is the expansion in Bitcoin per share, internet of dilution.
- BTC Acquire is the overall worth of Bitcoin acquired by means of capital operations.
- BTC Torque measures worth created for shareholders per greenback of capital raised.
Instead of chasing conventional working metrics, Strategy is laser-focused on how a lot Bitcoin they will accumulate per share over time. It’s a KPI framework that makes dilution irrelevant—so long as each issuance results in extra Bitcoin per shareholder.
This reframing of capital effectivity will turn into more and more vital for all Bitcoin treasury corporations as adoption scales.
5. MSTR Inventory as a Volatility Engine
One of many extra shocking insights from the decision: Strategy now tracks the “MSTR Rate”—a 103% annualized yield that merchants can earn by promoting at-the-money name choices on MSTR.
This metric issues as a result of it helps clarify why MSTR inventory trades at a premium to its Bitcoin NAV. The fairness itself has turn into a monetary product: risky, liquid, and sturdy. That makes it enticing not simply to fairness traders, however to vol merchants, ETF builders, and income-seeking establishments.
This can be a real-world instance of how Bitcoin publicity, when paired with deep capital market entry, can create new varieties of yield for shareholders with out sacrificing Bitcoin custody.
6. Strike and Strife: Capital With out Dilution
In Q1 2025, Strategy launched two new most popular devices:
- Strike: 8% convertible most popular
- Strife: 10% perpetual most popular
Each are public, liquid, and yield-generating. Importantly, they supply everlasting capital with:
- No refinancing threat
- No collateral necessities
- No covenants
In the case of Strife, there’s additionally no conversion into fairness, which suggests zero dilution to shareholders. These are highly effective instruments for scaling BTC acquisition with out compromising on shareholder worth or management.
As these devices mature, they could create a brand new fixed-income market anchored in Bitcoin—a improvement that might pull giant capital allocators into the ecosystem.
7. BTC Credit score Scores: A Framework for the Future
Strategy proposed a completely new approach to consider company credit score devices: utilizing BTC as collateral.
They launched metrics like:
- BTC Danger: Chance of undercollateralization at maturity
- BTC Credit score Unfold: Yield required to offset BTC threat
- BTC Credit score Hurdle Charge: Minimal ARR required to keep up funding grade
Utilizing this mannequin, Strategy (MSTR) argues that its convertible notes and preferreds are considerably over-collateralized and must be thought-about funding grade—despite the fact that the market at present treats them as distressed debt.
Saylor’s name to motion? Encourage score companies to undertake BTC-backed credit score frameworks. If profitable, this might legitimize a model new fixed-income class: Bitcoin-backed funding grade company debt.
8. MNAV and Shareholder Worth Creation
Some of the neglected insights from the earnings name was how Strategy calculates and helps its premium to Bitcoin NAV (“MNAV”).
Saylor outlined three key drivers of MNAV:
- Capital raised at a premium to NAV
- Excessive BTC yield and torque over time
- Perceived sturdiness and optionality of the capital construction
By utilizing devices like Strife (which generates 19 foundation factors of BTC yield with out dilution), Strategy can drive huge shareholder worth whereas retaining draw back safety. Their mannequin reveals that elevating capital at 2x NAV and deploying it into BTC generates extra long-term worth than merely holding.
For company strategists, this reframes fairness issuance not as dilution, however as a levered mechanism for Bitcoin compounding.
Remaining Takeaway: Strategy Is Constructing the Monetary Working System for Bitcoin
This earnings name wasn’t simply an replace. It was a imaginative and prescient assertion.
Strategy (MSTR) isn’t merely holding Bitcoin—they’re monetizing the volatility, collateralizing the stability sheet, and creating a brand new asset class within the course of.
In case you’re a public firm CFO or board member evaluating Bitcoin, there is no such thing as a longer any query of whether or not it may be completed responsibly. The query is: do you perceive how you can make it accretive?
As a result of the businesses that do will unlock a capital benefit that others merely received’t be capable of match.
Disclaimer: This content material was written on behalf of Bitcoin For Companies. This text is meant solely for informational functions and shouldn’t be interpreted as an invite or solicitation to amass, buy, or subscribe for securities.
