Bitcoin stacking firm Strategy — which has just rebranded from MicroStrategy — reported a net loss of $670.8 million for the fourth quarter as the firm stacked an additional 218,887 Bitcoin.
On Feb. 5, Strategy reported $120.7 million in revenue in the fourth quarter, marking a 3% year-on-year fall that missed analyst estimates by about $2 million.
The firm’s expenses for Q4 rose nearly 700% year-on-year to $1.1 billion as it started executing its “21/21 Plan” — targeting $42 billion in capital over the next three years, split equity and fixed-income securities — to buy more Bitcoin (BTC).
Strategy said it has already completed $20 billion of that $42 billion capital plan, fueling its Bitcoin buying spree largely through senior convertible notes and debt.
Strategy CEO and president Phong Le said the firm is already “significantly ahead” of its initial timeline and is “well-positioned to further enhance shareholder value by leveraging the strong support from institutional and retail investors for our strategic plan.”
The company’s Bitcoin holdings now sit at 471,107 Bitcoin, worth over $45 billion, the largest of any corporation in the world.
Strategy’s “BTC Yield” — a KPI representing the percentage change ratio between its Bitcoin and its Assumed Diluted Shares Outstanding — reached 74.3% in 2024, but the firm is lowering its target to 15% for 2025.
The firm also introduced the annual “BTC Gain” and “BTC $ Gain” metrics to better reflect the health of Strategy’s balance sheet.
BTC Gain represents the number of Bitcoin that it holds at the beginning of a period multiplied by the BTC Yield for such period, while BTC $ Gain represents the dollar value of the BTC Gain.
Strategy rebranded from MicroStrategy on Feb. 5 — which had been the firm’s name since it was founded as a business intelligence firm in November 1989 by executive chairman Michael Saylor.
Saylor has been the orchestrator behind the company’s Bitcoin investment strategy.
Strategy added the “₿” Bitcoin logo next to its new name to reflect its commitment to corporate Bitcoin adoption. Strategy will continue to offer business intelligence services.
Strategy (MSTR) fell 3.3% during the Feb. 5 trading day to $336.70 and has dropped another 0.72% in after-hours, Google Finance data shows.