Strategic Bitcoin-centric investment management achieved a BTC yield of 13.7% and a BTC $5.8 billion as of April 28, according to its first quarter revenue report.
The company also raised its full-year BTC yield target from 15% to 25%, increasing its BTC gain forecast from $10 billion to $15 billion.
The company’s total Bitcoin (BTC) holdings were 553,555 BTC as of April 28, acquired at a cumulative cost of $37.9 billion, or about $68,459 per coin. The updated figures include the company’s record $21 billion market (ATM) equity offering, adding 301,335 BTC to its balance sheet in the first quarter.
BTC Yield, BTC Gain, and BTC $ Gain
The strategy tracks three internal performance indicators related to the Bitcoin strategy. BTC yield, BTC gain, and BTC $ gain.
These are internal key performance indicators that are not accounting metrics, but rather to show the impact of a company’s capital expansion on Bitcoin exposure per stock.
BTC yields represent the rate of change in the diluted share ratio as expected as Bitcoin Holding. As of April 28th, BTC yields from the beginning of the year were 13.7%, while Q1 figures were 11%.
The company defines diluted, diluted stocks as the sum of the base stock and all convertible products treated as stock, regardless of the best or exercise conditions.
BTC gain is a Bitcoin term for BTC yield results. The strategy achieved a BTC gain of 49,131 BTC in the first quarter, growing to 61,497 BTC per year.
BTC $gain converts its profits into dollar terms using the spot bitcoin price. Based on a BTC price of approximately $95,000 on April 28, the company calculated the BTC $ increase at $5.8 billion a year.
Accounting changes and unrealized fair value losses
On January 1st, the strategy adopted ASU 2023-08, the fair value accounting standard for digital assets. This change has led to an increase in revenues by $12.7 billion at the beginning of the year, and more closely adjusting the reported net profits due to market fluctuations in Bitcoin pricing.
Despite the accounting shift, the company reported an unrealized fair value loss of $5.9 billion in the first quarter.
However, as prices had recovered to around $97,300 by late April, the company estimates its previous second quarter fair value increase of around $8 billion.
As of March 31, the strategy holds 528,185 BTC, with a cost basis of $35.6 billion and a market value of $43.5 billion. The company’s average acquisition price was $67,457 per BTC.
Strategic capital development
In addition to offering ATM common stock, the strategy issued $2 billion in 0% convertible senior notes in 2030, completing two preferred stock IPOs, strikes and conflicts, raising more than $1.2 billion.
These equipment contributed to the company’s total net revenue of $10 billion over the first four months of 2025.
The strategy supported our stated purpose of using revenue from these issues to acquire additional bitcoin and increase BTC exposure. The company currently has a capacity of $20.9 billion remaining under the STRK ATM delivery agreement.
These KPIs reflect an internal valuation of their capital efficiency strategy compared to Bitcoin accumulation, but the company emphasized that the indicators do not take into account liabilities or dividend obligations on preferred stocks.
Management also noted that the market should not consider these KPIs as traditional financial revenue indicators. With the adjustment of annual BTC performance targets and adoption of fair value accounting, the strategy aims to maintain its positioning as a capital market for Bitcoin exposure.
