Despite the gains, the firm paused its consistent Bitcoin accumulation last week, maintaining its total holdings at 597,325 BTC. This move coincided with a new $4.2 billion at-the-market (ATM) equity offering that is aimed at funding future BTC purchases. Meanwhile, Japan’s Metaplanet continued to ramp up its Bitcoin reserves by acquiring another 2,204 BTC and solidifying its position as the fifth-largest corporate holder. CleanSpark also saw major growth when it boosted its mining output by over 50% year-over-year and raised its hashrate to 50 EH/s. However, its stock dipped nearly 8% despite the operational progress.
Strategy Tops $14B Gains
Michael Saylor’s company, Strategy, reported $14.05 billion in unrealized gains on its digital asset holdings for the second quarter of 2025. Alongside this impressive figure, the company disclosed a deferred tax expense of $4.04 billion, according to its latest filing with the US Securities and Exchange Commission (SEC). As of June 30, the carrying value of Strategy’s Bitcoin holdings reached $64.36 billion, while the related deferred tax liability stood at $6.31 billion.
Despite the very impressive gains, Strategy paused its consistent Bitcoin accumulation last week. The firm’s total holdings stayed unchanged at 597,325 BTC after its most recent acquisition of 4,980 BTC. This break in weekly purchases was the first since April 2025 and came as Bitcoin’s price briefly dropped to $105,400 before rebounding above $110,000.
The company previously halted purchases when Bitcoin fell below $87,000 earlier in the year. After that pause, Strategy resumed buying with a 3,459 BTC purchase on April 14, just two weeks after its massive 22,048 BTC acquisition on March 31.
The newly reported unrealized gains slightly exceeded Bloomberg’s earlier projections, which estimated Strategy would post at least $13 billion in such gains for the quarter. In conjunction with the earnings announcement, Strategy also unveiled a new $4.2 billion at-the-market (ATM) offering for its 10% Series A perpetual Stride (STRD) preferred stock, priced at $0.001 per share. This latest ATM program is part of the company’s equity-raising strategy that is designed to fund future Bitcoin purchases.
According to an investor presentation, Strategy already issued $477 million under the STRK ATM and $163 million under the STRF ATM. The firm reported a total remaining ATM capacity of $44.8 billion across its various programs, which includes $18.1 billion for MSTR, $4.2 billion for STRD, $20.5 billion for STRK, and $1.9 billion for STRF. These strategic funding mechanisms are part of Strategy’s continued effort to maintain its dominant position in the Bitcoin market while navigating short-term volatility and tax considerations.
Metaplanet Buys More BTC
It does not seem like Metaplanet plans to slow down its Bitcoin buys at all. Japan’s leading corporate Bitcoin holder expanded its holdings with the acquisition of 2,204 BTC for $237 million, according to a filing on Monday. The purchase was made at an average price of 15.64 million yen per Bitcoin, or roughly $107,700. This latest acquisition brings the company’s total holdings to 15,555 BTC, with an average purchase price of approximately $99,985 per coin.
With this addition, Metaplanet solidified its position as the fifth-largest corporate holder of Bitcoin, according to BitcoinTreasuries.NET. The company surpassed Tesla in late June when it added 1,234 BTC to its reserves, raising its total to 12,345 BTC while Tesla stayed at 11,509 BTC. It then outpaced Bitcoin mining firm CleanSpark's holdings of 12,502 BTC with another strategic buy of 1,005 BTC valued at $108 million, which was disclosed on June 30.
Top public Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
The news comes during a surge in activity among corporate Bitcoin treasuries. ProCap, the investment firm led by Anthony Pompliano, made its first entry into the Bitcoin space with a 3,724 BTC purchase totaling $386 million. Semler Scientific also announced plans to dramatically increase its Bitcoin holdings from 3,808 BTC to 105,000 BTC.
Despite the growing trend, some analysts are a bit more cautious. James Check, lead analyst at Glassnode, recently warned that the Bitcoin treasury strategy may already be losing its luster for new entrants. He suggested that the biggest gains may have already been captured by early adopters and pointed out that latecomers could struggle to stand out, saying “nobody wants the 50th Treasury company.”
A report by venture firm Breed also warned that only a few firms will manage to avoid a potential “death spiral” in the Bitcoin treasury space, due to the risks that come with chasing a strategy already embraced by many.
CleanSpark BTC Output Jumps
In other Bitcoin-related news, CleanSpark reported a big surge in its Bitcoin mining output, with production rising over 50% year-over-year despite the increasingly challenging post-halving environment for miners. In June, the company achieved an operational hashrate of 50 EH/s, up from 20.4 EH/s a year ago, which was a 145.1% increase in mining capacity. This boosted output to 685 BTC mined last month, valued at approximately $74.2 million based on current market prices, compared to 445 BTC mined in June of 2024.
(Source: CleanSpark)
CEO and president Zach Bradford credited the achievement to the efforts of the operations and technology teams, and pointed out that more than 10 EH/s of capacity was added across four US states, representing a 9.6% month-over-month growth. CleanSpark sold 578 BTC in June, most of its production for the month, and now holds 12,608 BTC—up slightly from 12,502 in May. This places CleanSpark seventh among publicly traded Bitcoin-holding companies, according to BitcoinTreasuries.net.
Only MARA Holdings and Riot Platforms hold more BTC among miners, with MARA holding 50,000 BTC and Riot holding 19,225 BTC. Bradford noticed the growing adoption of Bitcoin by global corporations, and mentioned that corporate Bitcoin acquisitions have outpaced ETF net inflows for three straight quarters.
CleanSpark stock price over the past 24 hours (Source: Google Finance)
Despite the operational gains, CleanSpark’s stock saw an almost 8% drop on Monday after the update. This decline took place amid broader market softness, with the Nasdaq index falling over 1% thanks to U.S. trade policy discussions that weighed on investor sentiment. Meanwhile, Bitcoin mining difficulty continued to rise, and reached an all-time high of 126.9 trillion on May 31, compounding the economic pressures on miners from reduced block rewards and rising energy costs.
Since February of 2024, CleanSpark greatly expanded its US operations by establishing facilities in Georgia, Mississippi, Wyoming, and Tennessee. In August 2024, the company also purchased 26,000 Bitmain immersion mining rigs in a $168 million deal.
