Strategy Unveils Q4 2025 Financials; Retains 713,502 BTC
Strategy Inc., a leading Bitcoin Treasury Company, has reported significant financial outcomes for the fourth quarter of 2025, illustrating its strong strategic direction in the cryptocurrency market. As of December 31, 2025, the company retained a notable 713,502 bitcoins, cementing its status as the largest corporate holder of this digital asset.
Financial Results for Q4 2025
The company announced a capital raise of $25.3 billion for 2025, positioning itself as the largest equity issuer among U.S. public companies for two consecutive years. Key highlights include:
- Operating loss of $17.4 billion, an increase from $1.0 billion in Q4 2024.
- Net loss for the quarter reached $12.4 billion, or $42.93 per diluted common share, compared to a net loss of $670.8 million, or $3.03 per share, in the previous year.
- Cash and cash equivalents soared to $2.3 billion, up from $38.1 million year-over-year.
Software and Revenue Performance
In Q4 2025, total revenues amounted to $123.0 million, reflecting a year-over-year increase of 1.9%. Notable revenue streams included:
- Subscription Services: $51.8 million (62.1% increase).
- Product Licenses and Subscription Services: $59.6 million (26.3% increase).
- Product Support: $48.5 million (16.9% decrease).
- Other Services: $14.9 million (1.8% decrease).
The gross profit for the quarter totaled $81.3 million, yielding a gross margin of 66.1%.
Bitcoin Performance and Strategy
Strategy achieved a noteworthy BTC yield of 22.8% for the full year, surpassing its target range of 22.0% to 26.0%. Additionally, the company reported:
- Full year 2025 BTC gain of 101,873 bitcoins.
- BTC Dollar gain of $8.9 billion based on an approximate bitcoin price of $87,515.
As of February 1, 2026, the market value of Strategy’s bitcoin holdings was $59.75 billion, showcasing a robust investment strategy amid market volatility.
Capital Markets Activity
During the fourth quarter of 2025, the company generated approximately $5.6 billion from various financing activities, including:
- Class A Common Stock Offerings: $4.4 billion from 24,769,210 shares.
- STRK Stock Program: $33.8 million from 376,082 shares.
- STRC Stock Program: $157.6 million from 1,575,952 shares.
These activities reflect the company’s commitment to maintaining a strong capital structure, supported by a USD Reserve of $2.25 billion, which provides coverage for upcoming dividend obligations.
Future Outlook
The leadership team, including President and CEO Phong Le and Executive Chairman Michael Saylor, articulated a vision emphasizing the potential growth of their Digital Credit instruments and an expanding ecosystem benefiting both common shareholders and preferred stock investors.
With a focus on maintaining its bitcoin holdings and innovative financial strategies, Strategy Inc. aims to enhance shareholder value while navigating the complexities of the cryptocurrency landscape.
