Bitcoin Treasury Strategies Reports Third Quarter Earnings

Bitcoin Treasury Strategies (MSTR) has maintained its robust BTC accumulation strategy, even as the crypto market faces tougher conditions. The company announced a profit of $2.8 billion for the third quarter after the market closed on Thursday.

On a diluted basis, MSTR reported a net income of $8.42 per share.

In after-hours trading, MSTR shares were valued around $262, reflecting a rise of over 3% from Thursday’s closing price of about $257. However, during the regular trading session, the stock dropped more than 7%. Notably, the current trading price remains significantly lower than the Wall Street Journal’s target estimate of $551.53.

Since shifting its focus from software to BTC accumulation back in 2020, the stock has soared more than 1,400%. Yet, over the last three months, the price trend has been consistently downward.

Bitcoin did see a modest increase of over 6% during the third quarter, following a substantial 30% rise the previous quarter. Additionally, MSTR generated $128 million in revenue from its software sector.

The company, based in Tysons Corner, Virginia, continued to accumulate BTC, although the pace of purchases slowed as the quarter progressed and Bitcoin prices stabilized.

By the end of the quarter, MSTR had amassed more than 640,000 Bitcoins, valued at around $68 billion based on current BTC prices. It remains a leading force in the crypto treasury space, having set a precedent that over 200 other publicly traded firms have followed.

MSTR has reiterated its full-year net income projection of $24 billion, aiming for a diluted earnings per share of $80, with assumptions that Bitcoin could reach $150,000 by year-end. Last quarter, the company reported a $10 billion net income.

Bitcoin, the largest cryptocurrency by market cap, ended the third quarter above $114,000 but has since dipped below $107,000 as of Thursday. This decline can be attributed to ongoing liquidity concerns and general economic uncertainty.

Despite these challenges, CEO Saylor remains hopeful about Bitcoin’s future. In a recent CNBC interview, he expressed his expectation that prices could rise to $150,000 by year-end.

MSTR recently spent $43 million on Bitcoin, marking its largest asset purchase in about a month. The company announced this venture in a press release on Monday.

Historically, MSTR has raised capital by issuing common stock at a premium to its Bitcoin holdings to bolster its reserves. However, in recent weeks, it has shifted its approach, leaving some funding sources untouched.

Since ceasing common stock issuance around September 29, after announcing a $22 million Bitcoin purchase, MSTR has not raised additional capital through stock. However, it did have approximately $128 million in surplus cash at that time.

The company also began offering various types of preferred stock this year to finance Bitcoin acquisitions, some of which include quarterly dividends.

While MSTR has kept its Bitcoin purchases relatively low after stopping common stock issuance, amounts purchased have included 196 BTC, 219 BTC, and 390 BTC—some of the smallest purchases disclosed this year.

Interestingly, in various prediction markets, over 90% of participants indicated they have no plans to sell their Bitcoin.

For context, last quarter, MSTR reported a revenue of $114.5 million, representing a 3% year-over-year increase, according to a company blog update.

Updated (October 30, 2025, 5:22 PM ET): Added full year forecast and second quarter net income figures.