Strategy Reports 13.7% Bitcoin Yield, $5.8 Billion Gain
Strategy, a technology firm led by Michael Saylor, reported a year-to-date Bitcoin yield of 13.7% in its May 1 earnings print. This yield translates to a Bitcoin gain of over 61,000 BTC, valued at approximately $5.8 billion. The company uses Bitcoin yield and Bitcoin gain as unofficial accounting metrics to evaluate the success of its Bitcoin acquisition strategy. Bitcoin yield is defined as the ratio of Strategy’s Bitcoin holdings to the number of outstanding shares of its stock, MSTR, while Bitcoin gain quantifies the accrued Bitcoin.
Andrew Kang, Strategy’s chief financial officer, announced an increase in the company’s 2025 targets, aiming for a 25% Bitcoin yield and a $15 billion Bitcoin gain. In the first quarter of 2025, Strategy achieved an 11% Bitcoin yield and a Bitcoin gain of nearly 50,000 BTC. The company also revealed plans to issue an additional $21 billion worth of stock to fund future Bitcoin purchases.
Strategy’s stock, MSTR, has seen a year-to-date increase of over 27%, reaching around $381 per share as of May 1. Despite this growth, the stock remains below its November highs of over $470 per share. Since initiating its Bitcoin buying spree in 2020, Strategy has amassed over 550,000 BTC, with a total expenditure of nearly $38 billion. The average purchase price per Bitcoin is approximately $68,500, and as of May 1, Strategy’s treasury is valued at over $53 billion.
Industry experts suggest that institutional Bitcoin buying, including purchases by corporate entities like Strategy, could potentially exclude retail investors from the market. As of May 1, public companies collectively hold over $73 billion worth of Bitcoin, while Bitcoin ETFs and other institutional funds hold an additional $128 billion.
