Strategy Posts $2.8B Q3 Profit, Bitcoin Holdings Surge

Strategy’s third-quarter financial results reveal the profound impact of its Bitcoin investment strategy on overall corporate performance. The company reported $3.9 billion in operating income, with the majority of growth directly attributable to its cryptocurrency holdings. As of October 26, 2025, Strategy holds 640,808 BTC acquired for $47.44 billion, representing an average purchase price of $74,032 per Bitcoin. With the current market price at $110,600, this positions the company’s Bitcoin stash at a market value of $70.9 billion, generating a substantial $12.9 billion unrealized gain year-to-date and delivering an impressive 26% BTC yield.

President and Chief Executive Officer Phong Le emphasized the company’s strategic positioning, stating, “In the third quarter and into October, Strategy continued to strengthen its position as the world’s leading Bitcoin Treasury Company.” The executive highlighted both the expansion of Bitcoin holdings and the successful capital raising efforts, noting that “We increased our bitcoin holdings to 640,808 bitcoin and have raised $20 billion year-to-date through our robust capital markets platform.” This dual approach of accumulating Bitcoin while securing substantial funding has created a powerful financial engine for the company.

Strategy’s fundraising momentum remained strong throughout the reporting period, with the company receiving $5.1 billion in net proceeds during the three months ended September 30, followed by an additional $89.5 million between October 1 and October 26. This consistent capital inflow has bolstered the company’s financial position, with cash and cash equivalents climbing to $54.3 million, up significantly from $38.1 million at the end of 2024. The company’s latest acquisition activity included a $43.4 million purchase of 390 BTC, though reports indicate that the pace of acquisitions has moderated in recent months.

Building on its strong execution and capital markets activity, Strategy has reaffirmed its ambitious 2025 Bitcoin KPI targets. The company expects to achieve a 30% BTC yield and realize a $20 billion BTC gain by year-end, projections that assume Bitcoin will reach a price of $150,000. These targets reflect the company’s confidence in both its strategic approach and the long-term appreciation potential of Bitcoin as a treasury asset. The continued accumulation of Bitcoin, combined with strategic capital raising, positions Strategy to potentially exceed these ambitious benchmarks.

During the earnings call, Executive Chairman Michael Saylor outlined Strategy’s strategic priorities, emphasizing that the company’s main focus is digital credit rather than acquiring other Bitcoin treasury companies. The firm aims to pursue actions that increase BTC yield for common shareholders while preserving return on capital for preferred holders. Saylor advocated for 30% amplification through preferred shares, explicitly avoiding leverage from converts or other debt instruments, reflecting a disciplined approach to financial engineering.

The company’s convertible notes are expected to be equitized by 2029, with Strategy planning to issue new preferred shares internationally, including euro-denominated offerings. This global expansion of its capital structure will be complemented by maintaining tax-deferred return-of-capital dividends for at least 10 years. Saylor emphasized patience and long-term vision in cryptocurrency investment, calling a 10-year horizon the most suitable plan while outlining a four-year target to outperform Bitcoin itself. This balanced approach combines aggressive accumulation with financial discipline, positioning Strategy for sustained leadership in the corporate Bitcoin treasury space.