Strategy (MSTR) has just released its Q1 2025 earnings introduction, which is more than just a routine update, and it is a complete blueprint for how to expand the company’s Bitcoin library institutions’ strict corporate Bitcoin treasury. Strategy (formerly MicroStrategy) lists its evolving capital plan, updated KPIs and the financial logic behind its pulling leverage.
If you are the CFO, investor, or strategic operator of Bitcoin as a company’s asset evaluation, this revenue call provides a clear understanding of how to consider the capital structure, performance measurement, and long-term value creation supported by Bitcoin. Here are the key points:
1. Relentless Bitcoin accumulation
The strategy now holds 553,555 BTC, the most of all listed companies on the planet. From the beginning of the year to date, they acquired an additional 106,085 BTC at an average price, priced at about $93,600, and their total market value was about $52 billion. This is equivalent to 2.6% of the total Bitcoin supply.
What makes this noteworthy is not just the size of the holding, it is the pace and consistency of accumulation. Strategy increases its Bitcoin position Every quarter since August 2020. No quarter missed. This is not an opportunistic distribution, but a disciplined Ministry of Finance.
Importantly, 100% of MSTR’s Bitcoin remain unrestricted. This makes it the original collateral that can be used in future fixed income tools or as a backend for equity-linked products.
For corporate finance leaders, this emphasizes that Bitcoin can be scaled and managed with the same predictability as any core treasury asset, if the system and discipline are in place.
2. $10B raised in just four months
In the first four months of 2025 alone, the strategy raised $10 billion through a diversified capital stack:
- $6.6B through ATM equity
- $2.0B by convertible instructions (0% coupon, 35% conversion premium)
- $1.4B by preferred interests (strike vs. conflict)
This speed is excellent. But more importantly, the impact of BTC-specific KPIs: yield, torque and NAV can measure all funds. Each issue is not evaluated by Fiat metrics such as EPS or EBITDA, but is evaluated by its ability to compound Bitcoin per share.
This distinction is crucial: Strategy (MSTR) does not attempt to defend against inflation. They are offending the offense, turning capital into bitcoin, turning bitcoin into a long-term performance.
For other publicly traded companies, this is a roadmap for executing Bitcoin capital strategies without relying on operating income or waiting for high cash flow quarters.
3. New Capital Ambitions: $42/$42 Plan
In the fourth quarter of 2024, the strategy launched the “21/21 Plan” to raise $21B of equity and $21B of fixed income. As of Q1 2025, they have almost completed.
So they doubled.
The new goal is “Plan 42/42”:
- $42 billion in equity
- $42 billion in fixed income
- Timetable: End of 2027
Why is this important? Because it builds a model Scalable Bitcoins are formed through structured capital. The strategy is not just holding Bitcoin; they are building architectures forever.
The capital plan allows them to scale through market conditions, different purposes of the earnings curve and increase leverage over time. This is the level of financial engineering that the financial team should learn.
4. Bitcoin KPI Reimagining: Production, Gain and Torque
Strategy improves internal goals for 2025:
- BTC production: 15% → 25%
- BTC USD earnings: $10B→$15B
What do these mean?
- BTC production is a growth of Bitcoin per share, net dilution.
- BTC Gain is the total value of Bitcoin obtained through capital operations.
- BTC torque The value created by the capital raised per dollar for shareholders.
Strategies focus on how much bitcoins they can accumulate, rather than chasing traditional operating metrics, but focusing on lasers Per share over time. This is a KPI framework that makes dilution irrelevant, as long as each issuance will result in more bitcoin per shareholder.
For all Bitcoin Treasury companies, this reshaping of capital efficiency will become increasingly important as adoption scales.
5. MSTR inventory as volatility engine
Call Call: One of the more surprising insights from Strategy now tracks the “MSTR rate”, an annual rate of return traders can earn by selling AT Money Call Options on MSTR.
The indicator is important because it helps explain why MST’s stock trading is conducted at its premium for Bitcoin NAV. Equity itself has become a Financial products:Volatility, liquid and durability. This makes it attractive not only to stock investors, but also to traders, ETF builders and institutions seeking income.
This is a real-world example of the risks of how Bitcoin is created when paired with deep capital market access New production For shareholders, no custody of Bitcoin is sacrificed.
6. Strikes and Conflicts: Undiluted Capital
In Q1 2025, the strategy launched two new preferred tools:
- strike: 8% convertible first choice
- conflict: 10% permanent priority
Both are common, liquid and produced. Importantly, they provide Permanent capital and:
- No refinancing risk
- No mortgage requirement
- No covenant
In terms of conflict, there is no conversion to fairness, which means Zero dilution To shareholders. These are powerful tools for extending BTC acquisition without compromising shareholder value or control.
As these tools mature, they may create a new fixed income market fixed in Bitcoin, a development that can suck large capital allocators into the ecosystem.
7. BTC Credit Rating: The Framework of the Future
Strategy proposes a new way to evaluate corporate credit tools: BTC as collateral.
They introduced similar indicators:
- BTC risk: Possibility of lack of maturity
- BTC credit differences: The benefits required to offset BTC risk
- BTC credit barrier rate: Minimum ARR required to maintain investment grade
Using this model, the Strategy (MSTR) believes that its convertible notes and preferreds are significantly over-consolidated and should be considered an investment grade even if the market currently considers it as a debt.
Saylor’s call for action? Rating agencies are encouraged to adopt a BTC-backed credit framework. If successful, this could legalize a brand new fixed income category: Bitcoin-backed investment-grade corporate debt.
8. MNAV and shareholder value creation
One of the most overlooked insights in earnings calls is how strategy calculates and supports the premium of Bitcoin NAV (“MNAV”).
Saylor outlines three main drivers of MNAV:
- Capital raised with premiums Go to NAV
- High BTC production and torque over time
- Perceptible durability and options Capital structure
By using tools such as conflict (which generates 19 basis points of BTC earnings without dilution), strategies can drive huge shareholder value while retaining downside protection. Their model shows that raising capital to 2 times NAV and deploying it into BTC produces a long-term value ratio that is only held.
For corporate strategists, this equity issuance is not dilution, Leverage mechanism for Bitcoin compounding.
Final point: Strategy is building a financial operating system for Bitcoin
This revenue call is more than just an update. This is a vision statement.
Strategy (MSTR) More than just holding Bitcoin – They Through volatility, collateralize balance sheets and create new asset classes In the process.
If you are a public company CFO or board member evaluating Bitcoin, there are no more questions about whether it can be done responsibly. The question is: Do you know how to make it accumulate?
Because companies that do so will unlock capital advantages that others simply cannot match.
Disclaimer: This content was written for the company on behalf of Bitcoin. This article is for informational purposes only and should not be construed as an invitation or invitation to obtain, purchase or subscribe to securities.
