G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🚨 Strategy Q1 2025 Highlights: Doubling Down on Bitcoin, Scaling Up Results

🟠 Metaplanet Sets Sights on U.S. Market with $250M Bitcoin Expansion Plan

🛸 Roswell, NM Becomes First U.S. City to Launch a Bitcoin Reserve

🟠 Semler Scientific Stacks More Sats, Now Holds 3,467 BTC

🚨 Strategy Q1 2025 Highlights: Doubling Down on Bitcoin, Scaling Up Results 🚀

MicroStrategy - now doing business as Strategy™ - continues its unstoppable rise as the world’s largest Bitcoin treasury. Here's how Q1 2025 played out:

💼 Bitcoin Treasury: Big Gains, Bigger Ambitions

In just the first four months of 2025, Strategy™ has:

• 📈 Achieved a 13.7% BTC Yield, reaching 90% of its full-year target ahead of schedule

• 🪙 Added 61,497 BTC to its holdings—nearly $5.8 billion in BTC gains

• 💰 Surpassed $52B in total market value of its bitcoin treasury

• 📦 Acquired BTC at an average price of $68,459, with a current price hovering near $97,300

• 🔼 Raised its 2025 BTC Yield target to 25% and BTC $ Gain target to $15B, up from $10B

💸 Capital Markets: Record-Breaking ATM + Strategic Expansions

Q1 saw an unprecedented surge in capital activity:

• ✅ Executed a $21 billion at-the-market (ATM) equity offering, adding 301,335 BTC

• 💵 Raised $6.6B from class A common stock

• 💳 Issued $2.0B in 0% Convertible Senior Notes due 2030

• 🏛️ Brought in $1.4B through preferred equity offerings (STRK and STRF series)

• 📊 Adopted fair value accounting, leading to a $12.7B uplift in retained earnings

• 📉 Reported a $5.9B unrealized Q1 loss (due to quarter-end BTC pricing), but a strong April rebound could mean a $8B gain already in Q2

🧠 Software Still Profitable

• 💼 Q1 revenue: $111.1M

• 📈 Subscription services up 61.6% YoY

• 💰 Gross margin: 69.4%

📉 Temporary Paper Loss, Bullish Positioning

• Recognized $5.9B unrealized loss in Q1 due to BTC price at March-end

• With BTC at ~$97,300 in April, $8B unrealized gain expected for Q2

🧠 CFO Andrew Kang on Strategy’s Financial Engineering:

🟠 Metaplanet Sets Sights on U.S. Market with $250M Bitcoin Expansion Plan

Japan’s leading corporate Bitcoin holder, Metaplanet, is going global—and it’s not holding back.

📍 On May 1, Metaplanet announced it will launch a U.S.-based subsidiary in Florida, with plans to raise up to $250 million to fuel its aggressive Bitcoin accumulation strategy. The new entity, Metaplanet Treasury Corp., aims to unlock access to U.S. capital markets and institutional investors.

📈 Bitcoin on the Balance Sheet: Rapid Growth

Metaplanet currently holds 5,000 BTC, worth ~$475 million, up 184% from just 1,762 BTC at the start of 2025. The company has been making weekly headline-grabbing purchases, including:

• ✅ 696 BTC for $67M (early April)

• ✅ 330 BTC for $28.2M at ~$85,605/BTC

• ✅ 145 BTC for $13.4M (late April)

The firm’s target: 10,000 BTC by year-end, and 21,000 BTC by 2026—roughly 1% of all Bitcoin that will ever exist.

💰 Strategic Financing Moves

To fund this expansion, Metaplanet is deploying a mix of:

• 🟠 Equity raises

• 🟠 Stock acquisition rights

• 🟠 Zero-coupon bonds

• 🟠 Partial bond redemptions

Its latest filing also confirmed the full exercise of its 14th Series Stock Acquisition Rights, reinforcing investor confidence.

👀 Why It Matters

• 🧭 This Florida move places Metaplanet at the heart of America’s Bitcoin epicenter

• 🤝 Eric Trump has joined the strategic advisory board to bolster U.S. positioning

• 🧱 The firm is mirroring and following in the footsteps of Bitcoin powerhouse Strategy (formerly MicroStrategy)

• 📊 Its BTC Yield has hit a whopping 121% YTD—highlighting the performance upside of an active Bitcoin treasury model

Short ₿its 🌟

🟠  North Carolina Bitcoin Reserve Bill Clears House with Strong Support

North Carolina’s Bitcoin Reserve legislation (Bill H92) has passed the House in a 71–44 vote. The bill authorizes the State Treasurer to invest cash from select state funds into Bitcoin and other crypto assets.

🟠🛸 Reserve Roswell, NM Becomes First U.S. City to Launch a Bitcoin Reserve

Roswell, famous for its UFO lore, just made history by becoming the first U.S. city to adopt Bitcoin as a municipal reserve currency, seeded with a 0.0305 BTC donation. The city will hold all Bitcoin donations for at least 10 years, using future gains to subsidize water bills for senior citizens—and potentially fund disaster relief if the reserve exceeds $1 million. This bold move puts Roswell at the forefront of local government Bitcoin adoption in America.

🟠 Semler Scientific Stacks More Sats, Now Holds 3,467 BTC

Semler Scientific has added another 165 BTC for $15.7M, bringing its total Bitcoin holdings to 3,467 BTC worth over $327M- just shy of the top 10 among public companies. This marks the Nasdaq-listed med-tech firm's second major buy in a week, following a $10M purchase on April 25. Chairman Eric Semler doubled down on the company’s conviction, posting: “We bleed orange.”

🇬🇧 The Smarter Web Company Adds to Bitcoin Stack Post-IPO

Fresh off its IPO, The Smarter Web Company has added 3.44 BTC, bringing its total holdings to 5.74 BTC as part of a bold 10-Year Bitcoin strategy. The UK-based firm is moving fast to establish its Bitcoin treasury and stake its claim in the digital future.

Tweet of The Week

Podcast of The Week

🟠 Strategy Q1 2025 Earnings Call: Key Insights from the Top

In its Q1 2025 earnings call, Strategy’s top executives shared major updates on Bitcoin performance, capital market moves, and software revenues. With record BTC gains, a $21B capital plan, and bold new targets for 2025, the company continues to lead the charge in corporate Bitcoin adoption.

If you have questions about how Bitcoin could help your business, don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/