Strategy's "Fly to the Moon"



[Plain Language Introduction] Strategy (formerly MicroStrategy) reported its Q2 2025 earnings, revealing a net income of $10 billion after adopting fair value accounting standards, representing a year-on-year increase of 9870%, primarily due to $14 billion in unrealized gains from Bitcoin.

Software business revenue reached $114.5 million, a year-on-year increase of 2.7%, but the contribution was slight. Strategy raised $6.8 billion in capital, increasing its Bitcoin holdings to 597,325 coins, accounting for 3% of the circulating supply. The stock price is trading at a 60% premium over the net asset value of Bitcoin, reflecting market confidence in its Bitcoin strategy.

However, high volatility and dilution risks render traditional valuation metrics ineffective, relying on Bitcoin appreciation and capital market support in the future.

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