- Strategy posted a Q3 2025 net income of US$2.8 billion and diluted EPS of US$8.42, which was significantly aided by the rising price of Bitcoin.
- The company aggressively increased its Bitcoin treasury, holding 640,808 BTC by October, an increase funded primarily through the issuance of common and preferred stock.
- Management reaffirmed an ambitious 2025 target of a 30% BTC yield and a US$20 billion Bitcoin gain; the stock showed a 5.8% increase on the day despite prior market turbulence.
Strategy (MSTR) posted third-quarter 2025 net income of US$2.8 billion (AU$4.396 billion), or US$8.42 (AU$13.22) per share, and increased its Bitcoin holdings to 640,031 BTC at September 30 from 597,325 at the start of the quarter.
Naturally, results were aided by Bitcoin rising from roughly US$107,000 (AU$167,990) in early July to about US$114,000 (AU$178,980) at quarter-end. The company funded accumulation with common and preferred stock issuance.
Phong Le, President and CEO of Strategy, said:
In the third quarter and into October, Strategy continued to strengthen its position as the world’s leading Bitcoin Treasury Company. We increased our Bitcoin holdings to 640,808 Bitcoin and have raised $20 billion year-to-date through our robust capital markets platform. We remain fully aligned with our STRC guidance framework and have announced a 25 bps increase in the STRC dividend rate to 10.50% for November.
Phong Le, President and Chief Executive Officer of StrategyRelated: Bitwise Solana ETF Extends Record-Breaking Debut with US$72M in Second-Day Trading
Despite Market Turbulence, Strategy Remains Focused
The firm reaffirmed its 2025 Bitcoin KPI targets, citing execution and market access. The company expects a 30% BTC yield and a US$20 billion (AU$31.4 billion) Bitcoin gain by year-end, assuming a BTC price of US$150,000 (AU$235,500).
The firm also disclosed a recent purchase of 390 BTC for US$43.4 million (AU$68.138 million), yet it acknowledged that buying has slowed in recent months, as the crypto market experienced volatility and Bitcoin slid under US$107K (AU$163K).
Strategy reinstated at-the-market equity guidance, pledging not to sell common shares when mNAV is below 2.5x. The earlier removal of this pledge drew shareholder pushback. With mNAV now near 1, common issuance appears unlikely in the near term.
Despite the profit, MSTR fell about 14% in Q3 as the market-cap premium over its Bitcoin holdings (mNAV) narrowed. Yet, Strategy’s stock is in the green today, with a 5.8% increase, according to Google Finance.
Related: Germany’s AfD Proposes Adding Bitcoin to National Reserves, Following France’s Lead
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