Strategy Reports $2.8 Billion Q3 Profits, Bitcoin Holdings Up $12.9 Billion YTD

Strategy posted third-quarter net income of $2.8 billion and earnings per share of $8.42, driven by massive gains in its Bitcoin holdings.

Strategy reported net income of $2.8 billion and diluted earnings per share of $8.42 in the third quarter of 2025.

The company also posted operating income of $3.9 billion, with most of its growth attributed to the performance of its Bitcoin holdings.

Strategy performance in the third quarter

In a press release announcing third-quarter results, Strategy said that effective October 26, 2025, held 640,808 BTC were purchased for $47.44 billion, with each unit costing an average of $74,032. The stash is currently valued at $70.9 billion based on a market price of $110,600, representing a year-to-date gain of $12.9 billion (unrealized) as well as a 26% BTC return.

“In the third quarter and into October, Strategy continued to strengthen its position as the world’s leading Bitcoin treasury company,” said Chairman and CEO Phong Le. “We increased our bitcoin holdings to 640,808 bitcoins and have raised $20 billion so far this year through our robust capital markets platform,” he added, highlighting the company’s momentum.

The company’s fundraising activity also remained in play, receiving $5.1 billion in net proceeds during the three months ending September 30, and an additional $89.5 million between October 1 and 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 Bitcoin KPI targets for 2025, citing strong execution and activity in capital markets so far this year. The company expects a BTC return of 30% and BTC profit of $20 billion by the end of the year, assuming a Bitcoin price of $150,000.

The largest corporate holder of the number one cryptocurrency has been on a buying spree in 2025, and its latest initiative includes spending $43.4 million to acquire 390 BTC. However, the latest purchase comes amid reports that acquisitions have slowed in recent months.

Digital credit approach and 10-year objective

During the earnings call, CEO Michael Saylor said Strategy’s top priority is digital credit rather than acquiring other Bitcoin treasury companies. As a result, the company wants to take actions that increase the return on BTC for common shareholders while preserving return on capital (ROC) for preferred holders.

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The business intelligence platform defended for an amplification of 30%, which it hopes to achieve through preferred shares, without leverage from converts or other debts. Existing convertible bonds are expected to be equalized by 2029, and the company also plans to issue new preferred shares internationally, including euro-denominated offerings, while maintaining tax-deferred capital return dividends for at least 10 years.

Saylor outlined a four-year goal to outperform Bitcoin, but emphasized patience and long-term vision in cryptocurrency investing, calling a 10-year horizon the most appropriate plan.