Michael Saylor’s company, Strategy (formerly MicroStrategy), has stunned Wall Street by recording approximately $14 billion in unrealized gains from its Bitcoin holdings in Q2 2025. This performance places the firm among corporate giants like Amazon and JPMorgan, typically reserved for companies generating over $10 billion in quarterly operating profits.
The gains stem from Bitcoin’s price recovery and an accounting methodology change regarding cryptocurrency valuations. Despite criticism from skeptics like short-seller Jim Chanos, Strategy’s stock (MSTR) has surged over 3,130% since mid-2020, significantly outperforming Bitcoin’s 1,000% rise and the S&P 500’s 115% gain.
Strategy’s success has inspired other firms to adopt similar cryptocurrency treasury strategies, with companies like SharpLink Gaming and Upexi Inc. accumulating Ethereum and Solana, respectively.