TLDR:
- Strategy Inc acquired 41,002 bitcoins in January 2026, bringing total holdings to 713,502 BTC worth $59.75B.
- Company raised $25.3 billion in 2025, representing 8% of total U.S. equity issuance for the fiscal year.
- STRC Digital Credit platform scaled to $3.4B with variable 11.25% dividend rate and $2.25B reserve coverage.
- All 2025 preferred stock distributions treated as tax-deferred return of capital, expected to continue 10+ years.
Strategy Inc announced its fourth-quarter and full-year 2025 financial results on February 5, 2026, revealing bitcoin holdings of 713,502 BTC valued at approximately $59.75 billion.
The company reported a quarterly net loss of $12.4 billion, primarily driven by $17.4 billion in unrealized losses on digital assets under fair-value accounting.
Strategy raised $25.3 billion throughout 2025 and established a $2.25 billion reserve for dividend coverage.
Bitcoin Acquisition Strategy Drives Record Capital Raise
Strategy Inc. maintained its position as the largest corporate bitcoin holder with 713,502 BTC as of February 1, 2026.
The company acquired these holdings at an average cost of $76,052 per bitcoin, totaling $54.26 billion. During January 2026 alone, Strategy purchased 41,002 bitcoins as part of its ongoing treasury expansion.
The company achieved a BTC Yield of 22.8% for the full year 2025, meeting its target range of 22.0% to 26.0%. This metric represents the percentage change in bitcoin holdings relative to the diluted shares outstanding. Strategy also recorded a gain of 101,873 bitcoins and a gain of $8.9 billion in BTC dollars for the fiscal year.
In his statement, President and CEO Phong Le emphasized the company’s success in the capital markets. “We raised $25.3 billion of capital in 2025 to advance our Bitcoin treasury strategy, making us the largest equity issuer among U.S. public companies for a second consecutive year,” Le said.
He added that the company increased holdings to 713,502 bitcoins, including 41,002 bitcoins acquired in January 2026 alone.
The company’s Common Stock ATM Program generated $4.4 billion in Q4 2025 through the sale of 24.8 million shares. An additional $3.4 billion was raised in early 2026 through 20.2 million shares.
Strategy maintains approximately $8.1 billion in remaining capacity under this program as of February 1, 2026.
Digital Credit Platform Expansion and Dividend Framework
Strategy’s STRC preferred stock instrument scaled to $3.4 billion in aggregate stated amount as of February 1, 2026.
The variable dividend rate currently stands at 11.25% annually, adjusted monthly based on market conditions. Since its IPO, STRC has paid $413 million in cumulative distributions, representing a blended annual dividend rate of 9.6%.
Chief Financial Officer Andrew Kang highlighted the company’s financial positioning and regulatory developments. “2025 marked a landmark year for corporate Bitcoin adoption, supported by the implementation of fair value accounting for Bitcoin,” Kang stated.
He noted with clarity that unrealized gains on Bitcoin are not taxed under CAMT and mentioned the relaunch of the company’s S&P credit rating.
The company completed five preferred stock IPOs during 2025, raising $5.5 billion in gross proceeds. These instruments include STRF, STRK, STRD, STRC, and STRE stocks, each carrying different fixed or variable dividend rates.
Executive Chairman Michael Saylor described the company’s strategic positioning in his remarks. “Strategy has built a digital fortress anchored by 713,502 bitcoins and our shift to Digital Credit,” Saylor said.
Strategy established a $2.25 billion USD Reserve to support dividend obligations and interest payments on outstanding debt. Kang confirmed this reserve provides approximately 2.5 years of coverage for dividends and interest.
The reserve was funded through proceeds from common stock sales and reflects the company’s commitment to maintaining its credit profile.
The company implemented a rules-based dividend adjustment framework for STRC Stock based on monthly volume-weighted average price.
Trading below $95 triggers dividend rate increases of 50 basis points or more. Prices between $99 and $100.99 maintain current rates.
Trading above $101 prompts rate decreases or potential follow-on offerings to maintain price stability near the $100 stated amount.
For tax purposes, all 2025 distributions on preferred equity instruments qualified as return of capital rather than taxable dividends.
Strategy expects this treatment to continue for ten years or more based on its current earnings and profits position. This structure provides tax-deferred income for investors holding these instruments.
