Strategy (MSTR) Reports $2.8B Q3 Profit as Bitcoin Holdings Surge Past 640,000 BTC

Strategy (MSTR), the largest corporate holder of bitcoin, posted a robust third-quarter 2025 net income of $2.8 billion, translating to earnings per share (EPS) of $8.42, driven by the rise in bitcoin prices. Under the leadership of Executive Chairman Michael Saylor, the company has maintained its aggressive bitcoin acquisition strategy, fueled by proceeds from both common and preferred stock issuances.

By the end of September, Strategy had expanded its bitcoin reserves from 597,325 BTC to 640,031 BTC, with October purchases pushing the total to 640,808 BTC. The company’s profits were supported by bitcoin’s climb from around $107,000 in early July to about $114,000 at the end of September. However, despite the solid financial results, MSTR’s stock price dropped roughly 14% during the quarter as its market cap premium (mNAV) over bitcoin holdings tightened significantly.

October has been even more challenging for MSTR investors, with shares plunging another 20%, including a 7.5%decline today as bitcoin slipped back below $107,000. Despite the turbulence, Strategy reaffirmed its full-year outlook, forecasting a 30% bitcoin yield and $24 billion in net income, or $80 per share, based on an expected bitcoin price of $150,000.

The company also reinstated its common stock ATM guidance, committing not to sell new shares when the mNAV falls below 2.5x—a move aimed at restoring investor confidence after earlier removing the guidance. With MSTR’s mNAV now hovering just above 1, analysts expect common stock issuance to remain paused.

Following the earnings release, MSTR shares rose 3.3% in after-hours trading, with the company’s earnings call scheduled for 5 p.m. ET.