Strategy Posted EPS of $8.42 in Q3 Driven by Mark-to-Market Gains on Bitcoin

Strategy (MSTR), the largest corporate holder of Bitcoin, reported third-quarter 2025 earnings of $8.42 in Earnings Per Share (EPS), resulting in a net income of $2.8 billion. This profit surge was primarily attributed to mark-to-market gains resulting from Bitcoin's price increase from roughly $107,000 to about $114,000 during the quarter. Under Executive Chairman Michael Saylor, Strategy continued its aggressive accumulation, increasing its BTC holdings to 640,031 by the end of September, funded by stock issuances. Despite the strong reported profit, MSTR's share price declined about 14% over the three months as the market capitalization premium over its Bitcoin holdings (mNAV) fell sharply, a trend that accelerated in October. The company reiterated its full-year guidance, projecting $24 billion in net income based on a BTC price outlook of $150,000, and reinstated guidance promising not to sell common shares when the mNAV falls below 2.5x.

(Source：CoinDesk)