Of that, $13.4 billion came from previously acquired Bitcoin, while $700 million was attributed to coins bought during the quarter.
In addition to the unrealized gains, Strategy said it purchased 69,140 BTC during the second quarter for approximately $7 billion.
As a result, its total Bitcoin holdings had risen to 597,325 BTC by June 30, up from 528,185 BTC at the end of Q1. This helped push its BTC holdings’ market value from $43.5 billion to $64.4 billion.
Meanwhile, the Bitcoin gains also triggered significant tax consequences. Strategy reported a $4.04 billion deferred tax expense in Q2, raising its total deferred tax liability to $6.31 billion.
To support further Bitcoin acquisitions, Strategy launched a preferred stock offering targeting up to $4.2 billion in capital through the sale of STRD shares.
According to the STRD prospectus, shareholders will only gain board representation if regular dividends are paid. Despite this condition, institutional interest in the offering has been strong.
Jesse added that trading activity in these instruments has surged, reaching 40 times the typical volume seen in comparable traditional markets. According to him, this structure enables Strategy to issue new shares at a premium while increasing its BTC-per-share ratio as market yields compress.
Notably, each preferred class has performed strongly since launch, with Strategy positioning them as key vehicles in the evolution of credit markets toward blockchain-based finance.
