Bitcoin treasury firm Strategy reported last week a Q1 net loss of $4.2bn, significantly missing expectations. Despite the financial setback, Strategy is ramping up its BTC strategy and announced plans to double its capital-raising initiative.
According to the K33 newsletter “This week in crypto” Strategy also raised its 2025 BTC gain target from $10bn to $15bn. The company's controversial Bitcoin-centric strategy continues to attract investor attention, and the firm shows no signs of slowing down despite market uncertainty.
Strategy is now aiming to secure up to $84bn — $42bn through equity and $42bn via debt instruments — to expand its BTC reserves. This announcement comes after Strategy recently depleted almost the entirety of their initial $21bn at-the-market offering. Strategy currently holds 553,555 BTC, over 2% of BTC’s circulating supply, acquired for a total cost of $37.9bn.
Before the May 1 earnings call, K33 in another edition of their newsletter wrote: “we believe there is a moderately high likelihood of a new ATM announcement during Strategy’s May 1 earnings call”. The K33 analysis was also picked up by the crypto news site The Block.
The K33 prediction proved right, when they before the earnings call wrote: “Strategy’s $21bn ATM, announced on October 30 last year, is nearly depleted after the firm’s recent purchase of 15,355 BTC, bringing its total holdings to 553,555 BTC. Only $128.7mn remains, far ahead of the original plan to spend the ATM over three years. Despite the rapid pace, MSTR still trades at a 1.93x premium to NAV. With limited funds left, softer Strategy purchases may follow.”
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