Michael Saylot’s tech firm Strategy has earned shareholders a Bitcoin yield of 13.7% in the year-to-date, the company said in its May 1 earnings report.

That equates to a Bitcoin gain of more than 61,000 Bitcoin (BTC), worth approximately $5.8 billion, according to the company. Bitcoin yield and Bitcoin gain are unofficial accounting metrics that Strategy uses to benchmark the success of its BTC buying strategy. 

Bitcoin yield measures the ratio of Strategy’s Bitcoin holdings to the number of outstanding shares of its stock, MSTR. Bitcoin gain quantifies that figure in terms of accrued Bitcoin, Strategy said in February. 

“We are increasing our 2025 ‘BTC Yield’ target to 25% and our 2025 ‘BTC $ Gain’ target to $15 billion,” Andrew Kang, Strategy’s chief financial officer, said in a statement.

Strategy generated a Bitcoin yield of 11% and a Bitcoin gain of nearly 50,000 BTC in the first quarter of 2025, it added. The company also announced plans to offer an additional $21 billion worth of stock to finance future Bitcoin buys.

Strategy’s earnings call highlights. Source: Strategy

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Bitcoin buying spree

Shares of MSTR are up more than 27% in the year-to-date to around $381 on May 1, according to data from Google Finance. The stock is still trading below November highs of more than $470 per share.

Since starting its Bitcoin buying spree in 2020, Strategy has accumulated a total of more than 550,000 BTC, costing the company nearly $38 billion, according to its earnings report.

The purchases equate to an average price of approximately $68,500 per Bitcoin. As of May 1, Strategy’s treasury is worth more than $53 billion.

Industry executives say institutional Bitcoin buying — including from corporate buyers such as Strategy — could eventually price retail investors out of the market.

As of May 1, public companies hold upward of $73 billion worth of Bitcoin in aggregate, according to data from BitcoinTreasuries.NET. Bitcoin ETFs and other institutional funds hold another roughly $128 billion, the data shows.

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