The latest disclosure shows that the company currently holds 845,256 bitcoins. At the time, the price of bitcoin was around $61,410. The company’s data also indicates a year-to-date BTC return of 12.8% and a quarterly BTC return of 9.7%.
Disclose position and earnings data
The company disclosed that its BTC return rate in 2025 was 22.8%, corresponding to an increase of 101,873 BTC and a dollar-denominated gain of approximately $8.915 billion. This disclosure aligns with Strategy’s consistent reporting framework that positions Bitcoin as a core asset.
Around the time of this update, the price of Bitcoin experienced a brief rebound. Some exchanges briefly surpassed $64,000 over the weekend, but later retreated to around $62,600. This means that when Strategy disclosed the higher BTC yield, the spot price was not at a阶段性 high.
Financing model faces renewed scrutiny
Discussions around Strategy have centered on its ability to continue financing Bitcoin purchases. Peter Schiff, a long-term Bitcoin bear, stated that STRC’s price has fallen below par value and that MSTR is below what he calls the “premium issuance threshold,” making it harder for the company to continue raising funds without diluting shareholder value.
He believes that Strategy’s early model worked because the company could sell common shares when the stock price carried a premium, or issue preferred shares with dividend costs lower than the expected appreciation of Bitcoin. If the stock price weakens and the Bitcoin market turns bearish, the flexibility of this approach will diminish.
In response to such concerns, Strategy's management provided a different explanation. Phong Le stated that the STRC dividend adjustment aims to stabilize prices, reduce cyclical volatility, improve liquidity, and enhance market demand.
Demand for Bitcoin is weakening synchronously.
This debate also comes as demand for Bitcoin has weakened. According to the report, data shows that the 30-day demand growth, combining spot and perpetual contracts, has dropped to approximately -650,000 BTC. This level has occurred only three times since 2019.
More notably, both spot demand and perpetual futures demand have declined, indicating that the pressure is not solely coming from highly leveraged traders—both spot buying and derivatives positions are contracting.
Historically, similar readings have appeared prior to periods of increased market volatility, including the sharp decline during the pandemic and the downward phase of the 2022 bear market. Although Bitcoin recently rebounded by approximately 4% on Sunday and briefly rose above $64,000, the rally has since slowed.
Additional information: The "BTC yield" mentioned in the article is a custom metric commonly used by the Strategy to measure changes in Bitcoin exposure per share and is not equivalent to the spot price increase of Bitcoin.