The strategy, previously known as MicroStrategy, revealed nearly $6 billion unrealized losses in Bitcoin investments in the first quarter of 2025, according to a filing with the Securities and Exchange Commission (SEC) on April 7.
Between January and March 2025, the company acquired 80,715 BTC at $7,666 million, or an average of $94,922 per coin.
However, as Bitcoin prices fell 11.8% during the quarter, the worst since 2018, the assets lost a significant value, resulting in a paper loss of $59.1 billion.
Despite unrealized losses, the company expects a partial offset from its $1.69 billion income tax benefits.
To fund these purchases, the strategy relied on several capital-raising initiatives. The company generated $4.37 billion from its class A common stock sales in the market. Another $19.9 billion was born from the publication of the 2030b Convertible Note.
The company also raised $593.7 million through permanent strike preferred stocks using public and market offerings. An additional $710 million was secured through initial sales of permanent Struggle Preferred Stock.
The strategy attracted $7.69 billion during the quarter to support Bitcoin purchases.
As of March 31, the company owns 528,185 BTC, which is about $36 billion, or an average acquisition price per coin of $67,458. At current market prices, the value of Bitcoin holdings is over $43 billion.
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