Strategy's "Fly to the Moon"
[Plain Language Guide] Strategy (formerly MicroStrategy) reported in its second-quarter 2025 financial report that, after adopting fair value accounting standards, the company achieved net revenue of $10 billion, a 9,870% year-on-year increase, primarily driven by $14 billion in unrealized gains on Bitcoin.
Software revenue reached $114.5 million, a 2.7% year-on-year increase, but its contribution was minimal. Strategy raised $6.8 billion in capital, increasing its Bitcoin holdings to 597,325, representing 3% of the circulating supply. Its stock price trades at a 60% premium to Bitcoin's net asset value, reflecting market confidence in its Bitcoin strategy.
However, high volatility and dilution risk render traditional valuation metrics ineffective, and future valuations rely on Bitcoin's appreciation and capital market support.
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