Strategy’s $14B Bitcoin Bonanza: A Monday Without a Buy 🤑

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On a day when several major corporate buyers added to their Bitcoin (BTC) treasuries, Strategy, with all the grace of a cat avoiding a puddle, stood pat on its signature Monday announcement. 🐱‍👤

However, the business intelligence giant, never one to be outdone by a mere pause, made up for it with some staggering financial news: it raked in more than $14 billion in unrealized gains in the second quarter of 2025. A sum so large, it could buy a small country—or at least a very large yacht. 🛥️

The $14 Billion Quarter

According to Strategy’s latest Form 8-K, filed with the U.S. Securities and Exchange Commission (SEC) on July 7, the carrying value of the company’s Bitcoin stash had ballooned to $64.36 billion as of June 30, 2025. A figure that would make even the most jaded financier blink. 🤑

Importantly, the quarter ended with the number one cryptocurrency trading around $107,751 on Strategy’s principal market, the Coinbase exchange, resulting in a $14.05 billion fair value increase. However, this paper gain also triggered a $4.04 billion deferred tax expense. A tax bill so hefty, it could fund a small nation’s healthcare system. 🏥

The Michael Saylor-helmed firm detailed the sheer scale of its Bitcoin acquisition during Q2 2025 in the filing, picking up 69,140 BTC for approximately $6.77 billion, at an average price of $97,906 per Bitcoin. A buying spree that would make even the most extravagant shopper blush. 🛍️

The company funded this aggressive buying through complex capital markets activity, including net proceeds of $6.8 billion raised via “at-the-market” (ATM) equity offering programs as well as a registered offering of its STRD preferred stock that bagged $979.7 million net. A financial maneuver so intricate, it could be the plot of a thriller. 🎬

At the same time, Strategy carries significant leverage, reporting about $8.24 billion in outstanding debt as of June 30, alongside $3.4 billion in preferred stock, which have pushed its annual interest and dividend obligations past $350 million. A debt load that would make even the most seasoned banker sweat. 💦

The company also struck a note of caution, stressing that future profitability hinges on Bitcoin’s price and acknowledging potential liquidity risks if forced to sell its BTC to meet obligations during market downturns. A warning as ominous as a storm cloud on a sunny day. ☁️

Imitators Ramp Up Buying Sprees

While Strategy’s Q2 buying spree was monumental, with the last being a $531 million outlay on 4,980 BTC, pushing its total holding to 597,325 BTC, its absence from the market this Monday was notable. 🤔

Per the 8-K, between June 30 and July 6, Strategy acquired “0” Bitcoin. This breaks its well-established pattern of consistent purchases, often announced on Mondays. The company confirmed its various ATM programs had ample remaining capacity, running into the billions, suggesting funding wasn’t the immediate constraint. A pause that might as well have been a dramatic pause in a Shakespearean play. 🎭

Meanwhile, other firms that have taken up the Strategy playbook took advantage of the OG’s absence to increase their holdings. Tokyo-based Metaplanet snagged 2,205 BTC for around $238.7 million, bringing its stash to 15,555 BTC. The Smarter Web Company also announced a 226.42 BTC purchase as part of its “10-Year Plan,” while The Blockchain Group scooped up 116 BTC for nearly €11 million, taking its holdings to 1,904 BTC. A flurry of activity that would make even the most seasoned trader raise an eyebrow. 🤔

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2025-07-07 18:52