Strategy (formerly MicroStrategy) posts a record quarter with $14 billion in operating income, $10 billion in net profit, and diluted EPS of $32.6, solidifying its position on Wall Street.
The accounting change in January 2025 allows for the inclusion of unrealized gains on BTC, transforming its balance sheet as it holds 597,325 bitcoins and boasts a BTC Yield of 19.7%.
The company targets $34 billion in operating income and $24 billion in net profit in 2025, betting on a $150,000 Bitcoin, which could pave the way for its historic inclusion in the S&P 500.
Record-breaking figures that change the game
Strategy, formerly known as MicroStrategy, has just delivered an exceptional quarter. In the second quarter of 2025, Michael Saylor’s company recorded $14 billion in operating income and $10 billion in net profit. This equates to $32.6 diluted earnings per share, propelling the company among Wall Street giants.
The quarterly revenues reached $114.5 million, a slight increase of 2.7% year-over-year. Behind this modest growth, one detail stands out: subscriptions grew by almost 70%. A robust growth that reinforces the notion that Strategy is not just a ‘bitcoin company,’ but still a company capable of generating recurring revenue.
The accounting effect that changed everything
For years, MicroStrategy had been weighed down by impairments related to its bitcoins. But a major change came in January 2025: the new accounting standards now allow for the inclusion of unrealized gains on digital assets. As a result: with Bitcoin surpassing $100,000 during the period, Strategy was able to register massive gains on its balance sheet.
As of June 30, the company held 597,325 bitcoins. And they highlight an in-house indicator: BTC Yield, which measures the growth of the BTC stock relative to the diluted share count. In 2025, this yield is already at 19.7%.
Forecasts boosted by a bullish Bitcoin
Buoyed by this momentum, management raised its annual targets. For the 2025 fiscal year, Strategy now aims for $34 billion in operating income, $24 billion in net profit, and $80 earnings per share. A scenario based on an assumption of a $150,000 Bitcoin by the end of the year.
The equation is clear: the higher BTC goes, the more value Strategy generates. This direct correlation between the price of Bitcoin and the company’s financial results makes it a unique player among publicly traded companies.
All boxes checked for the S&P 500
With a market capitalization well above the required $8.2 billion, a daily volume exceeding 250,000 shares, a float surpassing 50%, and now a solid profitability both for the quarter and rolling twelve months, Strategy ticks all the boxes.
The S&P 500 committee will announce its decision on September 5, for a potential effective inclusion on September 19. Nothing is guaranteed, but if the company is accepted, it would be a historic first: the very first publicly traded company to have Bitcoin as its core treasury asset integrated into Wall Street’s benchmark index.
A symbolic victory for Bitcoin
Strategy’s entry into the S&P 500 would signify more than just entrepreneurial success. It would signal that Bitcoin has earned its place in traditional financial markets, transitioning from a controversial alternative asset to a central valuation driver for a leading company.
For institutional investors, this means that indirect exposure to Bitcoin would become automatic through ETFs or index funds linked to the S&P 500. A major shift that could further solidify BTC as a pillar of the global financial system.
