Strategy (formerly MicroStrategy) released its Q3 2025 report. It reported $2.8 billion in net income, however, other metrics including mNAV (Market-to-Net Asset Value) sagged significantly.
According to the report, Strategy reported the following results in Q3:
- operating income (before taxes and expenses) — $3.9 billion, all of which is an unrealized gain from the company’s bitcoin portfolio
- net income — $2.8 billion
- cash and cash equivalents — $54.3 million
- diluted earnings per share — $8.42 versus $8.15 expected
The company also reported a 26% annualized return on bitcoin investments.
Overall, Q3 was significantly worse than Q2. In comparison, the unrealized profit for the last reporting period was $14.05 billion and net income was about $10 billion.
This is due to the volatility in the cryptocurrency market and the slowdown in bitcoin growth. Moreover, the asset faced a sharp correction in early October 2025.
The turbulence in this market has also affected Strategy’s investment volume. In Q3, the company bought 42,706 BTC. This compares to 69,000 BTC in Q2 and over 80,000 BTC in Q1.
This can also be seen in the chart provided on the Saylor Tracker portal. For example, there were only five small purchases in September 2025:
However, the company maintains an optimistic outlook for 2025 as a whole. According to it, its net income for the period will be $24 billion.
The company’s shares (Class A common stock, MSTR) reacted to the news with a drawdown of more than 7.5%. Later, at the pre-market, they partially recovered:
At the same time, the mNAV, which measures a company’s treasurer’s capitalization (DAT) relative to the value of its crypto asset portfolio, fell to 1.25. Securities with a valuation of 1 or below are in the discount zone.
Although MSTR is still trading at a premium, this is the worst value since March 2023. In comparison, it jumped above 2 on the back of US President Donald Trump’s inauguration in January 2025:
Earlier, we covered a report by the experts at 10x Research. According to it, Strategy has a chance, up to 70%, of making it into the S&P 500 Index if the Q3 report is favorable enough.