Strategy (MSTR), the largest corporate holder of Bitcoin, reported net income of $2.8 billionor EPS of $8.42 for the third quarter of 2025.
Led by executive chairman Michael Saylor, the company continued to pursue an aggressive bitcoin accumulation strategy. Fueled by proceeds from common and preferred stock issuances, the strategy increased its holdings to 640,031 BTC by the end of September from 597,325 at the beginning of the quarter (October purchases since brought the company’s stack to 640,808).
The third quarter profit came thanks to the increase in the price of Bitcoin from approximately $ 107,000 at the beginning of July to $ 114,000 at the end of September. Investors, however, have not been so kind to MSTR, which has seen about a 14% decline in share price in the three months that the market cap premium to the value of its bitcoin holdings has fallen sharply (the MNAV).
It’s a fall that accelerated in October, with shares down another 20% this month, with a 7.5% drop today alongside Bitcoin’s return below $107,000.
Read more: Michael Saylor’s strategy drops $18b in value, but a rebound could be near: 10x Research
The company’s so-called Bitcoin yield is 26% and the firm reiterated guidance for a full-year Bitcoin yield of 30% and net income of $24 billion, or $80 per share, based on a BTC price outlook of $150,000.
The strategy again includes ATM’s common stock guidance where it promises not to sell common shares when MNAV falls below 2.5x. The company earlier this year had this guidance, but then pulled it, causing some consternation among shareholders.
MSTR’s recent sharp share price split relative to Bitcoin has left MNAV barely above 1, which means a common stock issuance is likely on the table for the foreseeable future.
Shares were up 3.3% in after-hours trading with the earnings call beginning at 5 pm ET.
