No Monday Buy, but Strategy Reports $14B Bitcoin Gain

On a day when several major corporate buyers added to their Bitcoin (BTC) treasuries, Strategy stood pat on its signature Monday announcement.

However, the business intelligence giant made up for the pause with some staggering financial news: it raked in more than $14 billion in unrealized gains in the second quarter of 2025.

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.

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.

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.

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.

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.

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.

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.

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.