Financial analysts on Wall Street are expressing strong optimism about the future of Strategy, a company recently rebranded by Michael Saylor, as it nears Bitcoin reserves of 500,000. Following the release of its latest quarterly earnings report, Canaccord Genuity analyst Joseph Vafi commented, “Some may view Strategy’s Bitcoin acquisition process as risky, but we see an emerging and reasonable pattern in their buying behavior.”
Despite reporting a net loss of $670.8 million in Q4 of 2024, largely due to a $1 billion adjustment on its Bitcoin holdings, the company recorded total revenues of $120.7 million. Strategy’s BTC Yield, a metric used to evaluate the success of its Bitcoin approach, reached an impressive 74.3% YTD, surpassing its previous high of 47.3% in 2021.
Strategy also increased its 2025 Bitcoin yield goal from 6-10% to 15% or more. The last quarter saw its largest increase in quarterly Bitcoin holdings yet, accumulating 218,887 BTC for $20.5 billion. Currently, Strategy holds 471,107 Bitcoin, valued at approximately $45 billion.
The company has also set a “BTC gain” target of $10 billion, a measure of the annual value generation of Strategy’s Bitcoin treasury operations. Mizuho Securities analyst Dan Dolev noted that this target “is very large and could prove to be a competitive advantage” in comparison to other companies considering similar Bitcoin strategies.
Looking to the future, Strategy’s potential inclusion in the S&P 500 index could be on the horizon, following its adoption of updated accounting standards. This change would allow Strategy to recognize unrealized gains on Bitcoin for the first time, leading to a positive adjustment of $12.75 billion to its opening balance of retained earnings.
Analysts are excited about the potential of Bitcoin-based applications, with Strategy potentially playing a significant role in the development of this ecosystem. Strategy’s investment in Bitcoin shows no signs of slowing down, and with its “BTC Gain” metric, investors can measure the company’s non-dilutive Bitcoin acquisition.
Strategy has so far generated a 2025 BTC $ Gain of $1.3 billion, translating to a BTC Yield of 2.9%. To reach its $10 billion goal, the company would need to raise about $19 billion, a goal seen as feasible given the current regulatory environment and market trends.
Strategy’s stock price has remained stable since the release of these figures, currently trading around $338 per share. However, analysts predict further growth, with Canaccord Genuity maintaining a “buy” rating and a price target of $409, and others offering even higher price projections.
