Strategy Inc Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Performance: Strategy posted $14 billion in GAAP operating income and $10 billion in GAAP net income for Q2 2025, driven largely by Bitcoin price appreciation and the adoption of FASB’s fair value accounting.
  • EPS Milestone: Q2 2025 EPS reached $32.60 per share, with YTD EPS at $19.43, the highest in company history.
  • Bitcoin Holdings: As of July 29, Strategy holds 628,791 BTC, approximately 3% of global supply, valued at over $74 billion.
  • Capital Raised: Raised $18.3 billion YTD (81% of 2024 total) through four preferred equity IPOs: STRF, STRK, STRD, and STRC—the last being the year's largest IPO in the U.S.
  • Bitcoin Metrics:
    • BTC Yield YTD: 25% (met full-year target in 7 months)
    • BTC $ Gain: 111,894 BTC
    • BTC Dollar Gain: $13.2 billion YTD, aiming for $20 billion by year-end
    • Bitcoin Per Share (BPS): YTD 2025 at 39,716 Satoshis, trailing behind 2024 peak of 67,730

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Shirish Jajodia: Hello, enveryone, and good evening. I am Shirish Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 Second Quarter Earnings Webinar. Today marks a historic day for Strategy and all our investors. We believe this deserves an exciting brand-new format of our earnings call in line with our mission to digitally transform Investor Relations and be the most transparent company in the world. We will start the call with 60-minute presentation approximately. This time, we have shuffled the order of the presenters. Andrew Kang will begin first, followed by Michael Saylor and then Phong Le. This will be followed by a 30-minute interactive Q&A session with our 4 Wall Street equity analysts and 4 Bitcoin analysts. Before we proceed, I will read the safe harbor statement. Some of the information we provide in this presentation regarding our future expectations, plans, guidance and prospects may constitute forward-looking statements, including, without limitation, our guidance with respect to 2025 operating income, net income, earnings per share, BTC Yield and BTC $ Gain and the hypothetical valuation models contained in this presentation. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent quarterly report on Form 10-Q filed with the SEC on May 5, 2025, and our current report on Form 8-K filed wi

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