Bitcoin Strategy (MSTR), the largest corporate holder, reported net income of $2.8 billion or EPS of $8.42 for the third quarter of 2025.
Under the leadership of Executive Chairman Michael Saylor, the company continues to execute its aggressive Bitcoin accumulation strategy. Driven by proceeds from the issuance of common and preferred stock, the strategy increased its holdings from 597,325 at the beginning of the quarter to 640,031 BTC by the end of September (the company’s stock has grown to 640,808 since its October purchase).
The third-quarter profit came as Bitcoin’s price rose from about $107,000 at the beginning of July to about $114,000 at the end of September. However, investors were not so kind to MSTR, which saw its share price decline by about 14% over those three months as the market cap premium on the value of its Bitcoin holdings fell sharply (mNAV).
This decline has accelerated during October, with shares falling another 20% this month, including a 7.5% decline today as Bitcoin dropped back below $107,000.
Read more: Michael Saylor’s strategy drops $18B in value, but rebound may be near: 10X Research
The company’s so-called Bitcoin yield is 26% year-to-date and the firm reiterated guidance for a full-year Bitcoin 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 reintroduced common stock ATM guidance, promising not to sell common shares if MNAV fell below 2.5x. The company had this guidance earlier this year, but then withdrew it, causing some concern among shareholders.
The recent sharp decline in MSTR’s share price relative to Bitcoin has left its MNAV barely above 1, meaning a common stock issuance is unlikely in the near future.
Shares are up 3.3% in after-hours trading with the earnings call starting at 5 p.m. ET.