Disclaimer: The analyst, who co-wrote this piece, owns shares in Strategy (Mstr).

Strategy (MSTR) reported a loss in the first quarter of 2025 of $ 16.49 after sending a $ 5.9 billion write-down on its Bitcoin stack thanks to a significant decrease in the price of BTC during the first three months of the year.

However, led by performing chairman Michael Saylor, the company shows no signs of slowing its pace with Bitcoin acquisitions. After spending almost all of its earlier $ 21 billion joint share offerings with its latest BTC buyer last week, the company, along with earnings, announced a new $ 21 billion offer on the market.

When he turned to his software business, the turnover for the quarter dropped 3.6% to $ 111.1 million from $ 115.2 million the year before. Subscription services for the quarter came at $ 37.1 million compared to $ 23.0 million in the previous year.

During the quarter, the strategy achieved an 11.0% “BTC yield”, which reflects growth in Bitcoin (BTC) holdings compared to diluted outstanding shares. The “BTC $ gone” for the quarter was about $ 4.1 billion and moved the business closer to its goal of a $ 10 billion gain for the year.

The company lifted its long-term target for BTC yield to 25% from 15% and for BTC $ win to $ 15 billion from $ 10 billion.

The company’s shares deal with 27% higher year to date. Bitcoin trades about $ 96,547, approx. 2.5% higher over the last 24 hours.

Includes purchase of April, the company 553,555 Bitcoin has acquired for $ 37.9 billion or $ 68,459 each. This stack is approx. $ 53 billion worth at the current price.

“Our capital market strategy continues to grow our Bitcoin stocks while providing superior shareholder value. With over 70 public companies around the world, we adopt a Bitcoin Treasury standard, we are proud to be at the forefront of groundbreaking this space.” Phong Le, President and CEO of the strategy, said in a statement.

Shares are marginally higher in trading after hours.