Strategy plans to raise another $4.2 billion to increase the position in Bitcoin! Q2 Holdings unrealized gains of 14 billion, CEO reveals smart leverage strategy.

The largest publicly listed company holding Bitcoin, Strategy (NASDAQ code: MSTR), has once again submitted a $4.2 billion financing plan to the SEC, intending to continue increasing its BTC holdings through the issuance of Bitcoin-collateralized securities STRC. This fundraising comes just two days after it completed a $2.52 billion initial public offering of STRC, during which the company immediately utilized $2.46 billion to purchase 21,021 Bitcoins, bringing its total holdings to 628,791 BTC (average cost $73,227). At the same time, its Q2 financial report disclosed that due to the use of fair value accounting, the unrealized gains on Bitcoin holdings reached $14 billion, driving operating income to soar by 7,106% year-on-year. CEO Phong Le also explained for the first time how the "smart leverage" strategy has achieved an increase of over 25% in the Bitcoin content per share this year, amounting to (BPS).

$4.2 billion STRC financing plan launched, funds clearly used to increase BTC holdings According to the latest SEC filing, Strategy has signed sales agreements with five institutions including Morgan Stanley and Barclays Capital, aiming to raise up to $4.2 billion through the issuance of variable rate Series A perpetual elastic preferred stock (STRC). The document specifically notes that the net proceeds from this fundraising will be used for general corporate purposes, including Bitcoin allocation. It is worth noting that STRC, as the Bitcoin collateralized securities issued by the company, has been listed on NASDAQ (latest stock price $94.50), but the specific sale timetable has not yet been determined. This move marks the entry of the public company's Bitcoin investment strategy into a new round of expansion.

Holdings data analysis: 628,000 BTC with a cost of 4.68 billion, Q2 unrealized profit of 14 billion In the latest disclosed Q2 financial report, key data from Strategy's Bitcoin landscape has attracted market attention:

• Total Holdings: 628,791 BTC (current value approximately 4.16 billion USD)
• Total Investment: 4.68 billion USD
• Average Holdings Price: 73,227 USD
• Q2 Operating Income: $14.03 billion (YoY growth of 7,106.4%) The financial report clearly states that the majority of the $14 billion operating income this quarter comes from the unrealized gains of Bitcoin holdings, which is also the second time the company has reflected the revaluation of BTC value in its financial report since adopting the cryptocurrency fair value accounting method. CEO Phong Le emphasized that over $1 billion was raised in Q2 through ATM issuance and the issuance of STRK/STRF/STRD securities, with the continuously expanding institutional demand providing ample ammunition for its Bitcoin accumulation.

Smart Leverage Strategy Shows Results: BTC Content per Share Increases by 25% Year-Over-Year, Annual Target Significantly Upgraded Phong Le elaborated on the Bitcoin smart leverage strategy for the first time during the earnings call: by issuing Bitcoin collateral securities (such as STRC) to raise low-cost funds, which are then converted into actual Bitcoin Holdings. This model allows the company to achieve a compound growth of Bitcoin per share (BPS) while maintaining a healthy balance sheet—BPS has already increased by more than 25% in the first seven months before 2025. Based on this, Strategy has raised its core target for the year to:

• Bitcoin Yield ( BTC Yield ): 30%+
• Bitcoin asset appreciation (BTC Gain ): 20 billion USD

Conclusion: From launching over $6.7 billion in financing within two days to the Q2 financial report showing $14 billion in unrealized gains from Bitcoin, Strategy is building a complete public company Bitcoin allocation paradigm. Its innovative securitized fundraising model and accounting practices not only drive the continuous growth of its per-share Bitcoin content but also serve as an important bridge for traditional capital to enter the crypto market. With the advancement of the $4.2 billion STRC sale plan, this publicly traded company, which holds 0.3% of the global Bitcoin supply, is rapidly rewriting the rules of the game for institutional-level cryptocurrency asset management.