Strategy’s $2.8B Profits Reinforce Bullish $150K BTC Outlook for Firm
Key Takeaways
- Strategy owns 640,808 BTC worth over $70 billion with an unrealized profit of approximately $23 billion.
- The firm has reported $19.8 billion in capital raised year-to-date.
- Strategy pulled $2.9 billion in operating income for Q3 2025.
Bitcoin behemoth Strategy (formerly MicroStrategy) has seen a dramatic increase in earnings as BTC’s Q3 rally sees the firm pull billions in revenues.
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Bitcoin’s Biggest Backer
Relishing in the crypto market’s year-long rally, Strategy has beaten expectations with an impressive net income of $2.8 billion for Q3 2025.
Strategy’s operating income of $3.9 billion for Q3 is a massive leap from its Q3 2024 losses of $432.6 million.
As of Sept. 30, the firm has raised $19.8 billion so far this year to increase its BTC stash, which as of today stands at 640,808 BTC worth $70.64 billion.
Its gigantic portfolio carries an unrealized profit of roughly $23.3 billion.
All in all, this has led to the firm’s market capitalization rising to $83 billion, with an enterprise value exceeding $98 billion.
As of Sept. 30, the firm reports it holds $54.3 million in cash and cash equivalents, an increase of $16.2 million since December 2024.
The Road Ahead
According to an analysis by Phyrex, Strategy has at least $42 billion in at-the-market (ATM) equity.
This is a mechanism that lets it issue and sell shares of common stock directly into the open market at current prices, which bypasses conventional fixed price offerings or underwritten transactions.
It’s an opportunistic and flexible way to raise capital, which Strategy leverages to fund BTC purchases.
Phyrex posits here’s a low probability that Strategy will suffer any short-term stresses unless BTC drops by over 50%. He reiterates that it should also be safe thanks to its $42 billion ATM capacity, and will be propped up by stable operating cash flows.
In addition, Saylor states that despite its MSTR stock receiving a “B-” credit rating from the S&P, the firm sees this as an opportunity to expand the addressable market for its security offerings.
Furthermore, he plans to continue innovating with “new credit instruments.”
The firm plans to wrap up 2025 with $34 billion in operating income, $24 billion in net income, and $80 million in diluted EPS, assuming its $150,000 BTC prediction is realized.
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