Strategy Inc. (ticker MSTR) reported second-quarter operating income of $14.0 billion and net income of $10.0 billion, equal to $32.60 a share—its strongest results on record. The surge was driven largely by gains on the company’s 628,791-bitcoin hoard, accumulated at an aggregate cost of $46.07 billion and now worth about $72 billion. During the earnings call, Executive Chairman Michael Saylor called the quarter a watershed moment and outlined plans to raise up to $4.2 billion through preferred-stock offerings this year. Management said the proceeds will fund additional bitcoin purchases and allow the company to increase balance-sheet leverage to as much as 50 percent of asset value. In a separate CNBC interview, Saylor said he sees Strategy eventually owning 3 percent to 7 percent of bitcoin’s fixed 21 million-token supply, arguing that such a stake would not crowd out other market participants. Analysts reacted positively. BTIG lifted its price target on the shares to $700 from $620, while Benchmark raised its target to $705, citing the record quarter and the potential for further upside if bitcoin reaches the $225,000 level envisioned in its forecasts. The corporate race for bitcoin is broadening. Tokyo-listed Metaplanet said it will issue about $3.7 billion in perpetual preferred stock by 2027 to finance purchases of as many as 210,000 bitcoins, a move that would position it just behind Strategy as one of the largest listed holders of the cryptocurrency.