In the second quarter of 2025, Strategy, known as the largest corporate holder of Bitcoin, saw a significant increase in its digital asset portfolio. The firm expanded its holdings by $21 billion, driven primarily by Bitcoin’s sharp price surge during that period.
Between April and June, Bitcoin’s price soared from $82,445 to $107,752, resulting in unrealized gains of $14.05 billion on Strategy’s BTC holdings. Out of this amount, $13.4 billion came from Bitcoin acquired earlier, while $700 million was attributed to coins purchased during the quarter.
To further bolster its digital asset holdings, Strategy revealed that it acquired 69,140 BTC in the second quarter, amounting to approximately $7 billion. This brought the firm’s total Bitcoin holdings to 597,325 BTC by the end of June, up from 528,185 BTC at the close of Q1. Consequently, the market value of its BTC holdings surged from $43.5 billion to $64.4 billion.
However, the gains in Bitcoin also had significant tax implications for Strategy. The firm reported a $4.04 billion deferred tax expense in Q2, increasing its total deferred tax liability to $6.31 billion.
In order to fund additional Bitcoin purchases, Strategy launched a preferred stock offering aiming to raise up to $4.2 billion through the sale of STRD shares. The proceeds from this offering would primarily be used for BTC acquisitions and potentially to support dividend payments on its Series A Perpetual Strife and Series A Perpetual Strike shares.
According to the STRD prospectus, shareholders would only receive board representation if regular dividends are paid. Despite this condition, institutional interest in the offering has been strong.
Crypto analyst Jesse highlighted the growing institutional appetite for Bitcoin exposure with lower volatility, noting that the demand for Strategy’s preferred shares reflects this trend. He described the offerings—STRF, STRK, and STRD—as long-duration, income-generating products with minimal direct correlation to BTC’s price.
Trading activity in these instruments has surged, reportedly reaching 40 times the typical volume seen in comparable traditional markets. Jesse explained that this structure enables Strategy to issue new shares at a premium while increasing its BTC-per-share ratio as market yields compress.
Since their launch, each preferred class has performed strongly, positioning them as key vehicles in the evolution of credit markets towards blockchain-based finance. Strategy sees these offerings as crucial in its strategy to further diversify and grow its digital asset portfolio.