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Strategy (MSTR) just released its first quarter revenue presentation, which was more than a routine update. It was a complete blueprint for how to expand the Bitcoin Treasury of companies with institutional rigor. Strategy (formerly MicroStrategy) laid out the evolving capital plan, updated KPIs, and laid out the financial logic behind every lever it pulls.
If you are a CFO, investor, or strategic operator who values Bitcoin as a corporate asset, this revenue call clearly examined how you think about Bitcoin-backed capital structure, performance measurement, and long-term value creation. This is the key point:
1. Large-scale merciless accumulation of Bitcoin
The strategy currently holds 553,555 BTC. This is most public companies on the planet. From the start of the year, they acquired an additional 106,085 BTC for ~$93,600 at an average price, bringing the total market value to about $520 billion. This corresponds to 2.6% of the total Bitcoin supply.
What’s noteworthy is the size of the holdings, as well as the pace and consistency of accumulation. Strategy added to Bitcoin location Every quarter since August 2020. A quarter has not been overlooked. This is not an opportunistic allocation, but a disciplined Ministry of Finance play.
Importantly, 100% of MSTR’s Bitcoin remains uninterrupted. This allows for primitive collateral that can be used for future bond products or as a backstop for stock-related offerings.
For corporate finance leaders, this emphasizes that, when systems and discipline are in place, Bitcoin can be expanded and managed with the same predictability as any financial asset.
2. I sourced it in just four months
In the first four months of 2025 alone, the strategy raised $10 billion through a diverse capital stack.
- $6.6 billion via ATM Equity
- $200 million (0% coupon, 35% conversion premium) via Convertible Note
- $1.4 billion via preferred stock (strike and battle)
This pace is remarkable. But even more importantly, all capital increases are measured against BTC-specific KPIs: yield, torque, and NAV impact. Each issue is assessed not by its FIAT metrics such as EPS or EBITDA, but rather by its ability to exacerbate Bitcoin per share.
That distinction is important: Strategy (MSTR) is not trying to defend against inflation. They’re attacking – attaching capital to Bitcoin, making Bitcoin an out-of-life for the long term.
For other public companies, this is a roadmap for implementing a Bitcoin capital strategy without relying on operating profit or waiting for a high cash flow quarter.
3. New Capital Ambition: $42/$42 Plan
In the fourth quarter of 2024, the strategy launched the “21/21 plan” to raise $2.1 billion in equity and $21 billion in bonds. As of the first quarter of 2025, they had almost completed it.
So they doubled it.
The new target is the 42/42 plan.
- $42 billion in stock
- Bonds $42 billion
- Timeline: End of 2027
Why is this important? To establish a model Scalable Bitcoin accumulation through structured capital formation. The strategy isn’t just about holding Bitcoin. They are building architecture to do it permanently.
This capital plan provides them with a runway to scale in market conditions, to work different ends of the yield curve, and improve leverage over time. This is the level of financial engineering that finance teams should study.
4. Rethinking Bitcoin KPIs: Yield, Gain, Torque
The strategy has raised internal goals for 2025:
- BTC Yield: 15% → 25%
- BTC Dollar Gain: $1 billion to $1.5 billion
What do these mean?
- BTC yield It is the growth of Bitcoin per share and the dilution amount.
- BTC gain The total amount of Bitcoin is acquired through capital management.
- BTC torque A per dollar measure of capital created for shareholders.
Instead of chasing traditional behavioural metrics, the strategy focuses on lasers on how much bitcoin can accumulate Per share over time. This is a KPI framework that makes dilution irrelevant, as long as all issuances lead to an increase in Bitcoin per shareholder.
This restructuring of capital efficiency will become increasingly important for all Bitcoin finance companies as a measure of adoption.
5. MSTR stock is a volatility engine
One more surprising insight from the call: strategy now tracks the “MSTR rate.” This is the 103% annual yield that traders can earn by selling Money at Call options on MSTR.
This metric is important as it helps explain why MSTR stocks trade at Bitcoin NAV premium. The fair itself has become Financial products:Volatile, liquid, durable. It is attractive not only for stock investors, but also for Vol Traders, ETF builders and income-seeking institutions.
This is a real-world example of how it can be created when combined with Bitcoin exposure and access to deep capital markets. New types of profit For shareholders who do not sacrifice Bitcoin custody.
6. Strikes and conflict: capital without dilution
In the first quarter of 2025, the strategy launched two new priority equipment.
- strike: 8% convertible is preferred
- Fighting: 10% permanent hope
Both are public, liquid and yield production. The important thing is what they offer Permanent capital and:
- There is no risk of refinancing
- There are no collateral requirements
- There is no contract
In the case of conflict, there is no conversion to fairness either. Zero dilution To shareholders. These are powerful tools to scale your BTC acquisition without compromising on shareholder value or management.
As these devices mature, they could create new fixed income markets that are fixed in Bitcoin. This is a development that can draw large capital allocators into the ecosystem.
7. BTC Credit Rating: Future Framework
The strategy proposed an entirely new way to assess a company’s credit mitigation: use BTC as collateral.
They introduced metrics such as:
- BTC risk: Possibility of insufficient materialization during maturation
- BTC Credit Spread: Revenues required to offset BTC risk
- BTC Credit Hurdle Rate: Minimum ARR required to maintain investment grade
Using this model, Strategy (MSTR) argues that its convertible memos and priorities are significantly over-colified and should be considered an investment grade, even if the market is currently treating it as a tormented debt.
A call for Saylor to take action? We encourage rating agencies to adopt a BTC-backed credit framework. If successful, this could justify an entirely new fixed income category. Bitcoin Support Investment Grade Corporate Debt.
8. MNAV and shareholder value creation
One of the most overlooked insights from revenue calls was how the strategy calculates and supports Bitcoin NAV (“MNAV”) premiums.
Saylor outlined three important drivers for MNAV:
- Premium-raised capital For navigation
- High BTC yield and torque over time
- Perceived durability and options The capital structure
By using equipment such as Strife (which generates 19 basis points of BTC yield without dilution), the strategy can promote large shareholder value while maintaining downside protection. Their model shows that raising capital in double the NAV and deploying it to BTC creates longer-term value than simply retained.
For corporate strategists, this reconstituted equity issuance is not a dilution; Leverage mechanism for Bitcoin blending.
Final takeout: The strategy is to build a Bitcoin financial operating system
This revenue call was not just a renewal. It was a vision statement.
Strategy (MSTR) is not just holding Bitcoin Money volatility, collateral balance sheets, and creating new asset classes In the process.
If you are a public company CFO or board member who is evaluating Bitcoin, there is no longer a question as to whether it can be done responsibly. The question is, do you understand how to add it to it?
This is because companies that do so unlock the benefits of capital that other companies simply cannot match.
Disclaimer: This content was written on behalf of Bitcoin for businesses. This article is for informational purposes only and should not be construed as an invitation or solicitation to acquire, purchase, or subscribe to any securities.
