Strategy MSTR has just released its new website. Q1 2025 earnings presentation, and it was more than a routine update—it was a full blueprint for how to scale a corporate Bitcoin treasury with institutional rigor. Strategy (formerly Microstrategy), laid out the evolving capital plan, updated KPIs and financial logic for every lever.
This earnings call was a great resource for CFOs, investors, or other strategic operators who are interested in Bitcoin as an asset. It provided a good overview of how to evaluate Bitcoin’s capital structure and performance, while also creating long-term value. The key points are:
1. Relentless Bitcoin Accumulation at Scale
Strategy now holds 553,555 BTC—the most of any public company Earth. They have acquired 106,085 BTC to date at an average of $93600. This brings their market value up to $52 billion. This is 2.6% of all Bitcoins.
What makes this notable isn’t just the size of the holding—it’s the pace and consistency of accumulation. Strategy added Bitcoin to its position in Every quarter starting August 2020. Not one quarter missed. This isn’t opportunistic allocation—it’s a disciplined treasury play.
MSTR has 100% unencumbered Bitcoin. It is therefore a perfect collateral that can be used for fixed income securities or equity linked offerings.
You can also find out more about the following: corporate finance leaders, this underscores that Bitcoin can be scaled and managed with the same predictability as any core treasury asset—if the systems and discipline are in place.
2. Ten Billion Dollars Raised In Only Four Months
Strategy has raised 10 billion dollars in the first 4 months of 2025 through its diversified capital stack.
- $6.6B in ATM Equity
- $2.0B via convertible notes (0% coupon, 35% conversion premium)
- $1.4B via preferred equity (Strike & Strife)
The pace of this growth is impressive. The capital raised is also measured by BTC KPIs, such as yield, torque and impact on NAV. Every issuance is evaluated not on fiat metrics, such as EBITDA or EPS. Instead, it’s based on its ability to multiply Bitcoin per share.
This distinction is crucial: MSTR doesn’t try to play offense against inflation. They’re playing offense—turning capital into Bitcoin, and Bitcoin into long-term outperformance.
This is a guide for other publicly traded companies to execute a Bitcoin-based capital strategy, without having to rely on their operating incomes or wait for high cash-flow quarterly.
3. This plan is a new capital ambition: the $42/$42 plan
The Strategy was launched in Q4 2024. “21/21 Plan” They’ll need to raise $21 billion in equity, and another $21 billion in fixed income. They’ve almost completed it as of Q1 2020.
They doubled the amount.
This is the new target “42/42 Plan”:
- Equity of $42 Billion
- Fixed income of $42 Billion
- The End of the 2027 Timeframe
What is the significance of this? Because it establishes a model for Bitcoins can be accumulated through structured capital.. It’s not just about holding Bitcoin. They’re also building the infrastructure to keep it going forever.
This capital plan allows them to work at different ends of yield curves, refine leverage with time, and scale up or down according to market conditions. Treasury teams need to study this level of financial engineering.
4. Bitcoin KPIs: Reimagined as Yield, Gain and Torque
Strategy raises its internal goals for 2025
- BTC Yield 15% → 25%
- BTC Dollar Gain: $10B → $15B
What are these words?
- BTC Yield The growth of Bitcoins per share is calculated after dilution.
- BTC Gain The total amount of Bitcoins acquired by capital transactions.
- BTC Torque Measures the value generated for investors per dollar raised in capital.
The Strategy team is not interested in traditional operational metrics but rather how much bitcoin they can acquire. Shares are priced at $0. over time. It takes time. KPI framework that makes dilution irrelevant—as long as every issuance leads to more Bitcoin per shareholder.
The importance of this new perspective on capital efficiency is increasing as Bitcoin adoption grows.
5. MSTR as a Volatility Inducer
The call revealed a surprising insight: Strategy is now tracked by the “MSTR Rate”—a 103% annualized yield that traders can earn by selling at-the-money call options on MSTR.
It is important to note that this metric helps explain the premium MSTR trades for over its Bitcoin NAV. Equity itself is now a metric. financial productVolatile, liquid and durable. It is therefore attractive to both equity investors and to Vol Traders, ETF Builders, as well as income-seeking Institutions.
This real-world case study shows how Bitcoin exposure combined with access to deep capital markets can lead to a wealth of opportunities. There are new forms of production Bitcoin ownership can be maintained by shareholders, without having to compromise on it.
6. Strike and Strife – Capital without Dilution
Strategy introduced two preferred instruments in Q1 of 2025:
- Strike: 8% convertible preferred
- Strife: Enjoy 10% off for a perpetual basis
The two are liquid and public. They both provide important benefits. Capital permanent with:
- No refinancing risk
- No collateral requirements
- No covenants
Strife is also not convertible into equity. zero dilution Shareholders. This is a powerful tool for scaling BTC without compromising shareholder value and control.
As these instruments mature, they may create a new fixed-income market anchored in Bitcoin—a development that could pull large capital allocators into the ecosystem.
7. BTC credit ratings: a framework for the future
The Strategy proposes a new method of evaluating corporate credit instruments: BTC collateral.
The introduction of metrics such as:
- BTC Risk Likelihood of undercollateralization at maturity
- BTC Credit Spread BTC yield required to offset risk
- BTC Credit Rate Hurdle: Maintaining investment grade requires a minimum ARR
Using this model, Strategy (MSTR) argues that its convertible notes and preferreds are significantly over-collateralized and should be considered investment grade—even though the market currently treats them as distressed debt.
Saylor’s Call to Action? Encourage rating companies to adopt BTC-backed frameworks for credit. This could lead to the creation of a new fixed income category if successful. Bitcoin-backed corporate bonds.
8. MNAV and shareholder value creation
The strategy that Strategy uses to calculate and support its Bitcoin NAV premium (“MNAV”).
Saylor identified three major drivers for MNAV.
- Raising capital at a premium NAV
- High BTC output and torque over time
- The perception of durability and option Capital structure
Strategy is able to create massive value for shareholders by using tools like Strife, which generates BTC yields of 19 basis points without diluting. This allows them to protect themselves from the downside while still generating huge shareholder returns. The model suggests that raising capital by 2x NAV, and then deploying into BTC will generate more value over the long term than just holding.
Corporate strategists can now reframe equity issuance as not dilution at all, but rather as an investment. Compounding Bitcoin with a levered system.
The Final Takeaway is that Strategy is Building the Financial Operation System for Bitcoin
The earnings call was more than just an update. This was more than an update.
Strategy (MSTR) isn’t simply holding Bitcoin—they’re Monetizing volatility, collateralizing balance sheets, and creating new asset classes The process is the key.
There is no question about whether Bitcoin can be used responsibly by a CFO of a publicly traded company or if you are evaluating it as a board member. You have to ask yourself: Do you really understand the accretive potential of Bitcoin?
Companies that are able to do this will have a huge capital advantage over their competitors.
Disclaimer: Bitcoin For Corporations has written this content.. This article has been written solely to inform and is not intended as a solicitation or an invitation to buy, subscribe, or acquire securities.
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Source: bitcoinmagazine.com
