Bitcoin’s biggest corporate holder strategy expanded its digital assets portfolio by $21 billion in the second quarter of 2025.
Bitcoin surged from $82,445 to $107,752 between April and June, boosting unrealized profits from BTC holdings to $140.5 billion, according to a company led by Michael Saylor.
Of that, $13.4 billion came from previously acquired Bitcoin, while $700 million was attributed to coins purchased in the quarter.
In addition to unrealized profits, the strategy said it purchased 69,140 BTC in the second quarter for around $7 billion.
As a result, its total Bitcoin holdings rose to 597,325 BTC by June 30, up from 528,185 BTC at the end of the first quarter. This has allowed BTC Holdings to boost its market value from $43.5 billion to $64.4 billion.
Meanwhile, Bitcoin profits also caused significant tax consequences. The strategy reported a $4.04 billion deferred tax expense in the second quarter, increasing its deferred tax liability to $6.31 billion.
$4.2 billion STRD Service
To further support the acquisition of Bitcoin, Strateg has launched preferred stocks targeting capital of up to $4.2 billion through the sale of STRD shares.
The company said revenues will primarily be directed towards BTC purchases, potentially supporting the dividend payments of Series A’s permanent contest and Series A’s permanent strike share.
According to the STRD’s prospectus, shareholders will only acquire board representatives if regular dividends are paid. Despite this state, institutional interest in provision was strong.
Crypto analyst Jesse noted that the demand for preferred stocks in the strategy reflects an increased institutional desire for less volatility Bitcoin exposure. He described STRF, STRK and STRD products (STRF, STRK and STRD) as long-term revenue generation products, which minimized a direct correlation with BTC prices.
Jesse added that trading activity for these devices has skyrocketed, reaching 40 times the typical volume seen in comparable traditional markets. According to him, this structure allows the strategy to issue new stocks at premiums while increasing the share ratio per BTC as the market is reduced.
In particular, each priority class has been performing strongly since its launch, and its strategy is positioned as an important vehicle in the evolution of the credit market towards blockchain-based finance.
