Strategy's Bitcoin Bet: $670M Loss, 471K BTC, 2025 Revenue Target

MicroStrategy, now rebranded as Strategy, has reported a net loss of $670.8 million for the fourth quarter, despite adding 218,887 Bitcoin to its holdings. The company's revenue fell by 3% year-on-year to $120.7 million, missing analyst estimates by about $2 million. Expenses for the quarter rose nearly 700% year-on-year to $1.1 billion as Strategy executed its "21/21 Plan" to buy more Bitcoin.

Strategy has already completed $20 billion of its $42 billion capital plan, funding its Bitcoin buying spree through senior convertible notes and debt. The company's Bitcoin holdings now sit at 471,107 Bitcoin, worth over $45 billion, making it the largest corporate holder of the cryptocurrency.

Strategy's "BTC Yield" — a key performance indicator representing the percentage change ratio between its Bitcoin and its Assumed Diluted Shares Outstanding — reached 74.3% in 2024. However, the company is lowering its target to 15% for 2025. Strategy also introduced the annual "BTC Gain" and "BTC $ Gain" metrics to better reflect the health of its balance sheet.

In addition to rebranding from MicroStrategy, the company added the "₿" Bitcoin logo next to its new name to reflect its commitment to Bitcoin. Strategy will continue to offer business intelligence services alongside its Bitcoin investment strategy.

Strategy announced a 2025 "BTC Revenue" target of $10 billion and revised its 2025 BTC annual yield target to at least 15%. The company's 2024 fiscal year "BTC Yield" KPI reached 74.3%, with 2.9% achieved in the first quarter of 2025. President and CEO Phong Le stated that the company has completed $200 billion of the $420 billion capital plan well ahead of schedule, leading the digital transformation of capital in the financial markets.