The Bitcoin-centric corporate strategy recorded net profit of $10 billion in the second quarter of 2025.
Bitwise Cio Matt Hougan noted that the strategy’s profits were nearly three times higher than Goldman Sachs, reporting $3.7 billion over the same period.
The strategy also outperformed Bank of America and won $6.8 billion in the second quarter despite having a much larger and more diverse business model.
With this in mind, Bitwise senior investment strategist Juan Leon described the proceeds as a profitability milestone for the Michael Saylor-led company. She pointed out:
“(This is) the strongest quarterly profitability in the company’s history.”
The company’s Bitcoin Treasury has played a pivotal role in this record performance.
By the end of the quarter, the strategy had increased Bitcoin Holding to 628,791 BTC, with a cumulative cost of $46.07 billion. The company has registered a 25% return since the start of the year, with unrealized profits exceeding $13.2 billion.
Based on these results, the strategy has raised internal targets and is currently aiming for a BTC yield of 30% per year and an unrealized Bitcoin profit of $20 billion.
$4.2 billion STRC service
Shortly after it announced its earnings, the strategy submitted a new credit certificate, $4.2 billion in STRC shares.
The company plans to gradually sell these stocks through its market (ATM) program, taking into account the market price with each sale and collecting trading volume.
Proceeds from the offering could potentially buy additional Bitcoin, cover operational costs and pay dividends to other preferred stocks.
STRC, a short-term, high-yield preferred strain, was first launched in late July. Each share has a liquidation appetite of $100 and pays monthly dividends starting at an initial annual rate of 9.00%.
The strategy retains the flexibility to adjust dividend rates depending on the price of Bitcoin, the company’s leverage ratio, or other BTC-related metrics. This structure provides yield stability while bringing the market price of a stock closer to its face value.
Saylor emphasized that STRC will strengthen its strategy’s capital market operations and provide both Bitcoin yields and exposure to investors.