Michael Saylor’s bitcoin Treasury company Strategy (MSTR) is exploring opportunities for credit securities in international jurisdictions as part of its goal to become the dominant global credit issuer.
“We are also actively laying the groundwork for credit securities in international jurisdictions, positioning Strategy to become a dominant credit issuer globally,” said Phong Le, president and CEO, during the company’s third-quarter earnings call Thursday.
This move underscores Strategy’s ambition to expand its financial footprint beyond the US and position itself as a leader in other markets for bitcoin-backed and digital asset-based credit instruments.
Strategy reported Q3 operating and net income of $3.9 billion and $2.9 billion, respectively. These compare with losses of $432.6 million and $340.2 million for the same quarter a year ago. Earnings per per share in was $8.42 compared to $1.72 in Q3 2024.
For the first nine months of 2025, Strategy’s operating income was $12 billion, compared to a loss of $0.8 billion a year earlier, while net income rose to $8.6 billion from a loss of $0.5 billion, and earnings per share rose to $27.71 from -$2.71.
The company has $689 million in annual dividend and interest obligations, consisting of $522 million from cumulative preferences (STRF $124 million, STRK $111 million, STRC $294 million) and $125 million from non-cumulative STRD.
Convertible bonds totaling $8.2 billion in face value at a blended rate of 0.421%, which equates to about $35 million in annual interest, and 39% of this debt is in the money, while the 2029 and 2030 zero coupon tranches remain out of the money ($5 billion) until their 2028 maturity date; these notes have a combined market capitalization of $10.6 billion.
CEO Phong Le reaffirmed the goal of having no convertible debt by 2029, a point noted by S&P in Strategy’s credit rating, giving the company a B credit rating.
While Chairman Michael Saylor highlighted that the company’s multiple to net asset value (mNAV) is around 1.25, its weakest level since the start of 2024. Saylor puts this compression on a number of factors, such as a maturing bitcoin market with reduced volatility, the success of IBIT and the growing influence of derivatives derived via volatility via digital credits, and Saylor expects the preferred stocks to lift mNAV over time.
Strategy has raised $20 billion year-to-date across six different securities (common equity, perpetual preferred and convertible debt), which is nearly equivalent to the $22.6 billion raised in 2024.
On the regulatory side, the firm clarified that under Treasury and IRS interim guidance issued on September 30, it does not expect to be subject to the Corporate Alternative Minimum Tax on unrealized bitcoin gains.
For the second consecutive quarter, Strategy (MSTR) has qualified for potential inclusion in the S&P 500.
MSTR shares are up 6% in pre-market trading at $270 a share.
