Strategy MSTR is the world’s largest bitcoin treasury company, holding 628,791 bitcoins as of July 29, 3% of all bitcoin in existence. The company’s disciplined approach to capital raising through preferred equity offerings — Strike (STRK), Strife (STRF), STRD (Stride) and STRC (Stretch) — has been a key catalyst.
Strategy has issued $10.7 billion in equities and $7.6 billion in resolveed income securities year to date. Among resolveed income securities, the company raised $2 billion, $0.94 billion, $2.52 billion, $1.13 billion and $1.02 billion through convertible notes, STRF, STRC, STRK and STRD, respectively.
Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming the bitcoin price hits $150,000 at the conclude of the year. Bitcoin yield has hit 25% year to date and was 19.7% at the conclude of the second quarter of 2025. In dollar terms, bitcoin gain was $9.5 billion at the conclude of the second quarter and $13.2 billion year to date.
For 2025, Strategy expects operating income of $34 billion, net income of $24 billion and earnings of $80 per share, based on a bitcoin price outsee of $150,000 at the conclude of the year. The company’s estimated 2025 net income is better than its competitors Riot Platforms’ RIOT and MARA Holdings’ MARA estimated net losses of $0.5 billion and $0.8 billion, respectively. As of June 30, MARA Holdings and Riot Platforms had 49,951 and 19,273, respectively.
Riot Platforms is a vertically-integrated bitcoin mining company offering comprehensive and critical infrastructure to mine bitcoin. The company has been exploring the feasibility of developing a portion of RIOT’s power capacity for AI and High-Performance Computing utilizes. MARA Holdings has strategically expanded its mining capacity, acquiring facilities at remarkably low costs and reinforcing its vertical integration.
The Zacks Consensus Estimate for MSTR’s 2025 revenues is pegged at $466.8 million, indicating 0.7% growth from 2024’s reported figure. The consensus mark for MARA Holdings’ 2025 revenues is pegged at $1.02 billion, suggesting 56% growth from 2024’s reported figure. The Zacks Consensus Estimate for Riot Platforms’ 2025 revenues is pegged at $665.6 million, indicating 76.7% growth from 2024’s reported figure.
Strategy shares have appreciated 18.5% year to date, outperforming the broader Zacks Finance sector’s return of 11.8%.
Image Source: Zacks Investment Research
The MSTR stock is trading at a premium, with a forward 12-month price/sales of 2.03X compared with the MARA Holdings’ 1.19X and Riot Platforms’ 1.49X. Strategy has a Value Score of F.
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