Strategy Reports $14.05 Billion Unrealized Gains on Bitcoin Holdings

Strategy, the company led by Michael Saylor, reported a significant $14.05 billion in unrealized gains on its digital asset holdings for the second quarter of 2025. This impressive figure was accompanied by a deferred tax expense of $4.04 billion, as disclosed in its latest filing with the US Securities and Exchange Commission. As of June 30, the carrying value of Strategy’s Bitcoin holdings reached $64.36 billion, with a related deferred tax liability of $6.31 billion.

Despite these substantial gains, Strategy paused its consistent Bitcoin accumulation last week. The firm’s total holdings remained unchanged at 597,325 BTC after its most recent acquisition of 4,980 BTC. This break in weekly purchases was the first since April 2025 and coincided with a brief drop in Bitcoin’s price to $105,400 before it rebounded above $110,000. The company had previously halted purchases when Bitcoin fell below $87,000 earlier in the year. After that pause, Strategy resumed buying with a 3,459 BTC purchase on April 14, just two weeks after its massive 22,048 BTC acquisition on March 31.

The newly reported unrealized gains slightly exceeded earlier projections, which estimated Strategy would post at least $13 billion in such gains for the quarter. In conjunction with the earnings announcement, Strategy also unveiled a new $4.2 billion at-the-market (ATM) offering for its 10% Series A perpetual Stride (STRD) preferred stock, priced at $0.001 per share. This latest ATM program is part of the company’s equity-raising strategy designed to fund future Bitcoin purchases. According to an investor presentation, Strategy already issued $477 million under the STRK ATM and $163 million under the STRF ATM. The firm reported a total remaining ATM capacity of $44.8 billion across its various programs, which includes $18.1 billion for MSTR, $4.2 billion for STRD, $20.5 billion for STRK, and $1.9 billion for STRF. These strategic funding mechanisms are part of Strategy’s continued effort to maintain its dominant position in the Bitcoin market while navigating short-term volatility and tax considerations.

Meanwhile, Japan’s Metaplanet continued to ramp up its Bitcoin reserves by acquiring another 2,204 BTC, solidifying its position as the fifth-largest corporate holder. The purchase was made at an average price of approximately $107,700 per Bitcoin, bringing the company’s total holdings to 15,555 BTC, with an average purchase price of approximately $99,985 per coin. This latest acquisition follows Metaplanet’s strategic buys that have outpaced other major corporate holders, including Tesla and CleanSpark.

In other developments, CleanSpark reported a significant surge in its Bitcoin mining output, with production rising over 50% year-over-year. In June, the company achieved an operational hashrate of 50 EH/s, up from 20.4 EH/s a year ago, which was a 145.1% increase in mining capacity. This boosted output to 685 BTC mined last month, valued at approximately $74.2 million based on current market prices, compared to 445 BTC mined in June of 2024. CEO and president Zach Bradford credited the achievement to the efforts of the operations and technology teams, noting that more than 10 EH/s of capacity was added across four US states, representing a 9.6% month-over-month growth. CleanSpark sold 578 BTC in June, most of its production for the month, and now holds 12,608 BTC—up slightly from 12,502 in May. This places CleanSpark seventh among publicly traded Bitcoin-holding companies.

Despite the operational gains, CleanSpark’s stock saw an almost 8% drop on Monday after the update. This decline took place amid broader market softness, with the Nasdaq index falling over 1% thanks to U.S. trade policy discussions that weighed on investor sentiment. Meanwhile, the global economic pressures on miners from reduced block rewards and rising energy costs continued to compound.