Bitcoin助Strategy Q3 net income reached $2.8 billion, with an expected annual revenue of $34 billion.

Strategy Inc. (formerly MicroStrategy) announced its Q3 2025 financial report, with a net income of $2.8 billion, a remarkable turnaround from a loss of $340 million in the same period last year. As the world's largest corporate Bitcoin holder, it reaffirmed its full-year guidance for 2025, expecting operating revenue to reach $34 billion and Bitcoin holding gains to reach $20 billion. The strong performance is primarily attributed to the significant rise in Bitcoin prices, further validating the effectiveness of the “Bitcoin treasury company” model pioneered by Strategy.

Bitcoin Appreciation Driver: Strategy Q3 Performance Achieves Amazing Reversal

Strategy The company's third quarter financial report shows a significant shift in its business model and profitability.

• Core Data: For the three months ended September 30, Strategy recorded a net income of approximately $2.78 billion, with a diluted earnings per share of $8.42, compared to a net loss of $340.2 million in the same period last year. Operating income for the quarter reached $3.9 billion.
• Source of Profit: The company's profit mainly comes from the appreciation of its Bitcoin holdings. As of October 26, 2025, Strategy holds 640,808 Bitcoins, with a total cost of $47.44 billion, and an average cost of $74,032 per coin. Based on the current Bitcoin price of approximately $107,833, the company has significant unrealized gains.

Bitcoin Treasury Model: Self-Reinforcing Wealth Cycle

The business model of Strategy has evolved into what industry observers call a “Bitcoin treasury company.” The company uses Bitcoin as its primary treasury reserve asset, and this “buy-and-hold” strategy fundamentally changes the market's valuation approach towards it.

• Positive Feedback Loop: The rise in Bitcoin prices often drives up the stock price of Strategy, allowing it to raise additional capital through equity issuance. This capital is then reinvested into Bitcoin purchases, creating a self-reinforcing cycle. This model has inspired many other companies to adopt similar corporate treasury strategies.

Changes in Accounting Standards Promote Profit Recognition: Enhancing Transparency

Until the fourth quarter of last year, Strategy could only record impairment losses when the value of Bitcoin fell below the purchase price. Gains from price increases are always unrealized unless sold.

• Accounting Transformation: The change in accounting treatment now allows the company to recognize the profits from the appreciation of Bitcoin.
• Financial Statement Restructuring: This shift in accounting standards has significantly altered the financial statements of Strategy, enabling it to report quarterly profits that reflect the market value of its Bitcoin holdings, thereby improving the transparency of its Bitcoin treasury strategy economic reality.

Annual Guidance and Market Impact: Validation of Corporate Treasury Model

Strategy reaffirmed its full-year guidance for 2025, demonstrating its firm commitment to Bitcoin strategy.

• Unwavering Strategy: The company expects its total operating revenue for 2025 to reach 34 billion dollars, with Bitcoin earnings reaching 20 billion dollars. Saylor emphasized that the company has no plans to hedge its Bitcoin positions.
• Stock price performance is divergent: Despite the strong performance of Bitcoin, the stock price of Strategy has declined by about 12% so far in 2025, in contrast to the 14.5% rise of Bitcoin during the same period. This divergence may indicate that the market is digesting concerns over overvaluation, capital raising dilution, or regulatory uncertainty.
• Post-market positive reaction: However, after the financial report was released, Strategy's stock price rose nearly 4% in after-hours trading, indicating that investors remain interested in its Bitcoin treasury model.

Conclusion

Strategy The strong performance in the third quarter once again powerfully validates the economic viability of the “Bitcoin Treasury Company” model. With the Bitcoin price continuing to rise and the support of a friendly regulatory environment for digital assets in the U.S., Strategy's model challenges traditional corporate cash management strategies. The success of this model suggests that the acceptance of Bitcoin as an institutional-grade asset and corporate reserve asset will further increase, providing a new framework for assessing the value of companies holding large amounts of cryptocurrency.