MicroStrategy said the fair value of its Bitcoin holdings increased by about $14 billion in the second quarter of 2025, underscoring the impact of this year’s crypto rally on the business-software maker’s balance sheet. The jump in prices has pushed the company’s cumulative unrealized gain on Bitcoin to roughly $24 billion, a rise of about 57% on its total investment, according to market data cited in recent disclosures. Executive Chairman Michael Saylor began accumulating the token in August 2020, when MicroStrategy bought 21,454 Bitcoin for $250 million at an average price of $11,652. That initial tranche alone is now valued at more than $1.3 billion, illustrating the scale of the windfall generated by the strategy.