Strategy Inc. (NASDAQ: MSTR), Michael Saylor’s flagship Bitcoin treasury company, reported strong third-quarter earnings for 2025, which reaffirm its position as one of the most influential corporate players in the global crypto economy. The firm posted a net income of $2.8 billion and diluted earnings per share (EPS) of $8.42, surpassing Wall Street expectations of $8.15.
This result marks another profitable quarter for Strategy, following its record-breaking performance in Q2, and underscores the company’s transformation from a traditional business intelligence software provider into a premier corporate Bitcoin investment vehicle.
Strategy’s Q3 financial performance
Operating income for the third quarter came in at $3.9 billion, reversing a $432.6 million loss from the same period in 2024. The quarter’s improvement largely stems from unrealized gains on Bitcoin holdings recognized under fair value accounting standards introduced in early 2025.
Revenue for the period totaled $128.7 million, representing a 10.9% year-over-year increase and exceeding analysts' estimates of $118.43 million. Subscription services generated strong results with a 65.4% annual rise, while product licenses climbed 62.9%.
As of Oct. 31, 2025, Strategy holds 640,808 BTC, acquired at a total cost of $47.44 billion with an average purchase price of $74,032 per coin, according to BitcoinTreasuries.net. Those holdings were valued at approximately $70.9 billion based on a Bitcoin price near $110,600, which illustrates the success of the company’s digital asset accumulation model.
The company reported a 26% Bitcoin yield year-to-date, with BTC gains amounting to $12.9 billion. The firm remains on track to achieve its full-year target of a 30% BTC yield and $20 billion in Bitcoin-dollar gains, assuming a year-end Bitcoin price of $150,000.
Expansion through capital markets
Strategy raised approximately $5.1 billion in net proceeds during Q3 through various equity and preferred stock programs, including its STRC, STRK, STRF, and STRD offerings. These programs have become central to its capital generation model, allowing the company to expand its Bitcoin holdings while rewarding investors with dividend-paying instruments linked to its treasury performance.
The firm also reaffirmed its FY2025 guidance, projecting $34 billion in operating income, $24 billion in net income, and $80 diluted EPS for the full year. This outlook reflects ongoing strength in Bitcoin markets and Strategy’s disciplined approach to raising capital at favorable valuations guided by its internal mNAV framework (market-adjusted net asset value).
Phong Le, Strategy’s CEO, said, “We increased our Bitcoin holdings to over 640,000 BTC and raised $20 billion year-to-date through our capital markets platform. We remain fully aligned with our STRC guidance framework and continue to establish the foundation for global credit securities, positioning Strategy as a dominant international issuer.”
Saylor reaffirms Bitcoin conviction
Michael Saylor, Executive Chairman, reiterated Strategy’s long-term vision, emphasizing its ambition to build a trillion-dollar Bitcoin balance sheet. Speaking recently at Money 20/20, Saylor declared:
“By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin,” describing the current price as being at a “99% discount.”
He reaffirmed his optimistic outlook, predicting Bitcoin could reach $150,000 by the end of 2025 and $1 million within the next decade, driven by institutional adoption and global integration into corporate and sovereign balance sheets.
JUST IN: Michael Saylor predicts #Bitcoin will reach $150,000 by end of this year. pic.twitter.com/YCy5XUMI84
— HodlFM (@Hodl_fm) October 29, 2025
Saylor also highlighted the firm’s portfolio of digital credit instruments offering yields between 8% and 12.5%, which he says provide tax-efficient returns and new financing models for the digital economy.
“We believe Bitcoin-backed credit markets can offer safer, higher-yield alternatives to traditional debt systems,” he added.
Market response
Following the earnings release, Strategy’s stock climbed over 7.1% after-hours to around $272, rebounding from earlier losses. The uptick reflects renewed investor confidence in the company’s strategic focus on digital assets and innovative financial products.
Despite volatility in Bitcoin prices, which slipped 1.7% in 24 hours to around $108,500, Strategy remains the largest corporate holder of Bitcoin globally, serving as a proxy for institutional sentiment toward the crypto market.
With record Bitcoin reserves, consistent financial gains, and growing visibility in capital markets, Strategy Inc. continues to redefine corporate treasury management, positioning itself at the intersection of technology, digital finance, and macroeconomic transformation.
Anastasiia G
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