12-7-2025 – led by executive chairman Michael Saylor, has amassed over $28 billion in unrealized profits from its Bitcoin investments as of July 11, first reported by Bitcoin Magazine. The milestone cements Strategy’s position as the largest publicly listed corporate holder of Bitcoin, with its aggressive accumulation strategy paying off amid the cryptocurrency’s recent price surge.
Since initiating its Bitcoin purchases in 2020, Strategy has consistently expanded its holdings through multiple market cycles, acquiring approximately 597,325 BTC at an average price of $70,982 per coin. With Bitcoin reaching new all-time highs above $117,000, the company’s portfolio is now valued at over $69 billion, reflecting a 65% unrealized gain. This approach, driven by Saylor’s view of Bitcoin as a superior store of value, has transformed Strategy from a software firm into a leading Bitcoin proxy, with its stock (MSTR) surging over 3,300% since 2020, far outpacing the S&P 500’s 115% rise.
The unrealized gains highlight Strategy’s unwavering commitment to Bitcoin as a treasury asset to hedge against inflation, despite facing criticism and class-action lawsuits over disclosure practices. The company’s strategy has inspired other firms, such as GameStop and Metaplanet, to adopt similar crypto treasury models, though none match Strategy’s scale.
A recent accounting change, adopted in Q1 2025, allows Strategy to mark its Bitcoin holdings at market value, amplifying reported gains but also exposing the firm to volatility risks, as seen in a $5.9 billion unrealized loss in Q1. Investors and analysts will closely monitor Strategy’s Q2 earnings report, expected in August, for updates on its Bitcoin acquisition plans and financial health amid a $11.6 billion debt load.
