Strategy Inc. Reports $3.9 Billion Gain on Bitcoin Holdings in Q3 2025
Strategy Inc., the largest company holding bitcoin, announced a $3.9 billion gain in the value of its bitcoin for the third quarter of 2025. This shows that the company’s large investment in bitcoin has been very successful.
Bitcoin Holdings Worth Over $80 Billion
Strategy Inc. owns 640,031 bitcoins. As bitcoin’s price rose above $125,000 this week, the total value of these bitcoins reached about $80.3 billion. This means the company has an unrealized gain of around $31 billion, which is the profit on paper but not yet sold.
The company’s average cost for each bitcoin is $73,983. This price was built up over many years of buying bitcoin steadily. However, for the first time since April, Strategy did not buy any bitcoin this week.
Pause in Bitcoin Purchases
Michael Saylor, the Executive Chairman of Strategy, confirmed the pause in buying bitcoin. He tweeted, “No new orange dots this week—just a $9 billion reminder of why we HODL.” The orange dots refer to marks on the company’s public chart showing each bitcoin purchase.
Strong Financial Results in Q3
Q3 2025 was one of Strategy’s best quarters. The company reported $3.89 billion in unrealized gains and $1.12 billion in deferred tax expenses. As of September 30, the digital assets on the books were valued at $73.21 billion. The company also had a deferred tax liability of $7.43 billion.
Besides bitcoin gains, Strategy has been active in equity programs and debt offerings. These moves have made it one of the most financially active public companies in the United States.
Strategy Becomes 106th Largest U.S. Public Company
In early October, Strategy became the 106th largest public company in the U.S. It passed Coinbase with a market value of over $101 billion. This shows the company’s growing importance in the market.
Stock Price and Market Activity
The company’s stock, known as MSTR, has seen ups and downs. It rose 2-3% in premarket trading and reached $365 before falling back to $350. The stock is up 25% for the year and hit highs above $450 during the summer.
Funding Bitcoin Purchases
To buy more bitcoin, Strategy raised about $5.09 billion in new funds in Q3. This included $2.47 billion from selling preferred stock under the ticker STRC. The company also raised $2.62 billion through at-market equity sales across its affiliates. Strategy still has $46.3 billion available under these programs.
The company has $6.6 billion in preferred share obligations and $8.2 billion in convertible debt. These debts mature between 2028 and 2032. Strategy pays $638.7 million yearly in dividends on preferred shares and $36.8 million in interest on convertible notes.
Risks and Financial Leverage
While these funds help Strategy buy more bitcoin, they also add risk. The company admits that its large bitcoin holdings and reliance on capital markets create financial leverage. This means the company’s financial health depends heavily on bitcoin’s price.
Temporary Pause in Bitcoin Buying
Strategy did not buy bitcoin last week, marking its first pause since April. This pause happened when the company paid $140 million in dividends. It may be focusing on paying shareholders instead of buying more bitcoin.
This pause is not unusual. The company paused bitcoin purchases near the end of its first and second fiscal quarters this year. These breaks seem related to quarterly financial closings and cash flow management, not a change in the company’s long-term bitcoin strategy.
