In Q2 2025, MicroStrategy reported 14.05 billion USD in unrealized gains from its 597,325 BTC holdings. The company paused Bitcoin purchases for the first time since April, maintaining a carrying value of 64.36 billion USD as of June 30, 2025.
Alongside the gains, MicroStrategy reported a deferred tax expense of 4.04 billion USD, leading to potential future tax liabilities of 6.31 billion USD. This performance exceeded analysts’ expectations of 13 billion USD in unrealized gains.
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