Michael Saylor’s company, Strategy (formerly MicroStrategy), is expected to report a massive $14 billion profit in the second quarter of 2025. This profit is not from software sales, but from its large Bitcoin holdings as BTC price continues to surge.
Major companies like Amazon and banks like JPMorgan make their money through big business operations. However, Strategy is making headlines because the price of Bitcoin surged recently, and new accounting rules now allow the company to count that increase as part of its earnings. They don’t even need to sell Bitcoin to report those gains.
Strategy used to be a traditional enterprise software company that offered data and analytics solutions. Michael Saylor, the company’s co-founder and executive chairman, started buying BTC in 2020 as a way to protect against inflation. That decision transformed Strategy. It became known more as a “Bitcoin proxy,” a company whose value is tied to its Bitcoin holdings rather than its actual business operations.
In the last quarter, Strategy is expected to earn just $112.8 million from software sales. Since 2020, Strategy’s share price has surged over 3,300%, while Bitcoin itself rose about 1,000% during the same period.
In early 2025, the company started using new accounting rules to report the value of its Bitcoin. Now, Strategy can value its BTC at current market prices, instead of treating it like an intangible asset (such as a patent), which previously made the company record losses when Bitcoin fell.
On March 31, Strategy held 528,185 Bitcoins, worth over $43.5 billion. Thanks to a 30% rise in Bitcoin price during Q2. That price rise added over $13 billion in value to the company’s holdings. However, at the time of writing, MicroStrategy owns 597,325 bitcoins as of June 30, 2025.
Saylor’s success has inspired other companies to copy his Bitcoin strategy, or to use other cryptocurrencies like Ethereum and Solana as treasury assets. But experts say it’s still unclear if those companies will succeed like Strategy has.
Also Read: Michael Saylor’s Bitcoin Strategy Sees $21B Profit
