Strategy reports profit of $2.8 billion in Q3, leaving Bitcoin with $12.9 billion YTD

Strategy posted net income of $2.8 billion and earnings per share of $8.42 in the third quarter, fueled by huge gains in Bitcoin holdings.

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

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 its third-quarter results, Strategy said it would start as of October 26, 2025 held Bought 640,808 BTC for $47.44 billion, with each unit costing an average of $74,032. Currently, the stock is valued at $70.9 billion, based on a market price of $110,600, which equates to an (unrealized) profit of $12.9 billion this year, as well as a BTC return of 26%.

“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 grew our bitcoin holdings to 640,808 bitcoin and have raised $20 billion to date through our robust capital markets platform,” he added, highlighting the company’s momentum.

The company’s fundraising activities also remained in place, receiving $5.1 billion in net proceeds during the three months ended September 30, and another $89.5 million between October 1 and 26. In addition, cash and cash equivalents were $54.3 million, up from $38.1 million at year-end 2024.

The Strategy also reaffirmed Bitcoin KPI targets for 2025, citing strong execution and activity in the capital markets so far this year. The company expects a BTC return of 30% and a 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, with its latest initiative including spending $43.4 million to acquire 390 BTC. However, the latest purchase comes amid reports that acquisitions have 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 company aims to take actions that increase BTC returns for common shareholders while maintaining return on capital (ROC) for preferred holders.

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The business intelligence platform advocated for a 30% boost, which it hopes to achieve through preferred shares, without leverage from converts or other debt. The existing convertible notes are expected to be liquidated in 2029, with the company also planning to issue new preference shares internationally, including euro-denominated offerings, while maintaining tax-deferred returns on capital dividends for at least ten years.

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