Third Quarter Financial Performance
Strategy reported a net income of $2.8 billion and diluted earnings per share of $8.42 in the third quarter of 2025. The company also recorded an operating income of $3.9 billion, with most of its growth attributed to the performance of its Bitcoin holdings.
In a press release announcing the Q3 results, Strategy stated that as of October 26, 2025, it held 640,808 BTC. These holdings were acquired for $47.44 billion, with each unit costing an average of $74,032. Currently, the stash is valued at $70.9 billion based on a market price of $110,600. This represents a $12.9 billion (unrealized) gain year-to-date, as well as a 26% Bitcoin yield.
“In the third quarter and into October, Strategy continued to strengthen its position as the world’s leading Bitcoin Treasury Company,” said President and Chief Executive Officer Phong Le. “We increased our bitcoin holdings to 640,808 bitcoin and have raised $20 billion year-to-date through our robust capital markets platform,” he added, highlighting the company’s momentum.
The firm’s fundraising activity also remained in play, receiving $5.1 billion in net proceeds during the three months ended September 30, and an additional $89.5 million between October 1 and October 26. Additionally, its cash and cash equivalents stood at $54.3 million, up from $38.1 million at the end of 2024.
Strategy also reaffirmed its 2025 Bitcoin KPI targets, citing strong execution and capital markets activity so far this year. The company expects a 30% BTC yield and a $20 billion BTC gain by year-end, assuming a Bitcoin price of $150,000.
The largest corporate holder of the number one cryptocurrency has been on a buying spree in 2025. Its latest initiative included a $43.4 million spend to acquire 390 BTC. However, the latest buy comes amid reports that the acquisitions had slowed in recent months.
Digital Credit Focus and 10-Year Target
During the earnings call, Executive Chairman Michael Saylor said Strategy’s main priority is digital credit rather than acquiring other Bitcoin treasury companies. As a result, the firm wants to pursue actions that increase BTC yield for common shareholders while preserving return on capital (ROC) for preferred holders.
The business intelligence platform advocated for 30% amplification, which it hopes to achieve through preferred shares, with no leverage from converts or other debt. Existing convertible notes are expected to be equitized by 2029, with the company also planning to issue new preferred shares internationally, including euro-denominated offerings, while maintaining tax-deferred return-of-capital dividends for at least 10 years.
Saylor outlined a four-year target to outperform Bitcoin but emphasized patience and long-term vision in the cryptocurrency’s investment, calling a 10-year horizon the most suitable plan.