Strategy Inc Q3 ’25: $3.9B Bitcoin Gain & Market Cap Jump
Strategy Inc, the largest corporate Bitcoin holder, posted a $3.9B unrealized Bitcoin fair-value gain in Q3 2025. Its 640,031 BTC stash reached $80.3B at Sept 29, reflecting the Bitcoin rally. The surge pushed Strategy’s market cap past Coinbase, making it the 106th largest US public company. The gain triggered a $1.12B deferred tax expense. MSTR stock climbed 25% year-to-date, peaking at $365 in premarket. To fund purchases, the firm raised $5.09B via a preferred share IPO and at-the-market equity programs, retaining $46.3B issuance capacity. It paused Bitcoin buying for the first time since April, aligning with $140M in dividends, and cited quarter-end adjustments rather than a strategy shift. Traders should note Strategy’s leveraged Bitcoin exposure and its potential to amplify market volatility.
Bullish
The report underscores continued corporate demand for Bitcoin, as Strategy Inc’s $3.9B unrealized gain and cumulative 640,031 BTC holding signal robust long-term support for the asset. Equity raises and paused purchases reflect prudent risk management, but the firm’s high leverage and large deferred tax liability may amplify price swings. Overall, sustained institutional accumulation and market-cap milestones point to bullish momentum for Bitcoin, with potential for increased volatility in the short term.