MicroStrategy, the leading corporate Bitcoin holder, reported staggering $14 billion in unrealized gains from its cryptocurrency investments during Q2 2025 while simultaneously announcing a major shift in its acquisition strategy.

Record Bitcoin Profits Despite Purchase Pause

The business intelligence firm disclosed 【$14.05 billion】 in unrealized Bitcoin gains in its SEC filing on July 7, accompanied by a 【$4.04 billion】 deferred tax expense. As of June 30, MicroStrategy's digital assets carried a value of 【$64.36 billion】 with corresponding tax liabilities of 【$6.31 billion】.

——This marks the company's most profitable quarter since adopting its Bitcoin strategy in 2020——

First Break in Weekly Buying Streak

For the first time since April 2025, MicroStrategy skipped its routine Bitcoin purchases last week, maintaining its holdings at 597,325 BTC. The pause coincided with Bitcoin's price fluctuation between $105,400 and $110,000, according to CoinGecko data.

The company previously halted acquisitions when Bitcoin dipped below $87,000, resuming two weeks later with a 3,459 BTC purchase. This pattern suggests MicroStrategy employs strategic timing for its cryptocurrency investments.

$4.2 Billion Equity Offering Launched

Simultaneously with its Q2 results, MicroStrategy unveiled plans for a 【$4.2 billion】 at-the-market (ATM) offering of Series A perpetual preferred stock. This follows previous successful offerings including the $21 billion STRK ATM program.

The new STRD ATM shares will be issued at $0.001 per share, continuing MicroStrategy's innovative approach to raising capital for Bitcoin acquisitions. Company documents reveal remaining ATM capacity totaling 【$44.8 billion】 across various programs.

MicroStrategy's dual announcement of massive unrealized gains and fresh capital-raising efforts underscores its unique position as a publicly-traded Bitcoin investment vehicle. The company's next moves will be closely watched as cryptocurrency markets continue evolving.