Strategy ( MSTR ), the largest corporate holder of bitcoin, reported net income of $2.8 billion, or EPS of $8.42, for the third quarter of 2025.
Led by executive chairman Michael Saylor, the company continued to execute its aggressive bitcoin accumulation strategy. Due to the proceeds from common and preferred stock issuances, Strategy increased its holdings to 640,031 BTC at the end of September from 597,325 at the beginning of the quarter (acquisitions in October have since brought the company’s stack to 640,808).
The third-quarter profit came thanks to an increase in the price of bitcoin from around $107,000 in early July to around $114,000 in late September. However, investors were not so kind to MSTR, which saw its share price fall by about 14% during those three months as the market capitalization premium over the value of its bitcoin holdings fell sharply (mNAV).
It’s a decline that has accelerated over the course of October, with shares down another 20% this month, including a 7.5% drop today alongside bitcoin’s return to below $107,000.
Read More: Michael Saylor’s Strategy Drops $18B in Value, But a Recovery May Be Near: 10X Research
The company’s so-called bitcoin dividend yield year-to-date is 26%, and the firm reiterated guidance for full-year bitcoin dividend yield of 30% and net income of $24 billion, or $80 per share, based on its BTC price outlook of $150,000.
The strategy also reinstated standard ATM guidance, pledging not to sell common stock when mNAV falls below 2.5x. The company had this guidance earlier this year, but then withdrew it, causing some consternation among shareholders.
MSTR’s recent sharp share price decline relative to bitcoin has left its mNAV just above 1, meaning a share issue is likely off the table for the foreseeable future.
Shares are up 3.3% in after-hours trading with the earnings call beginning at 5 p.m. ET.
