Strategy Inc. (NASDAQ: MSTR), formerly MicroStrategy, gained 5.8% in extended trading on Thursday after reporting stronger-than-expected third-quarter earnings. The company posted record results driven by gains in its Bitcoin holdings and resilient software revenue growth, reinforcing its long-term bullish thesis that blends AI innovation with digital asset accumulation.
Strategy Q3 Earnings: Bitcoin Rally and AI Growth Drive Record Profit
For the quarter ended September 30, Strategy reported net income of $2.8 billion, or $8.42 per share, compared with a loss of $340.2 million, or $1.72 per share, a year earlier. Revenue increased by 11% over last year to 128.7 million, which is higher than the expectation of analysts that it should be 116 million. One of the bright spots was sales of software on subscription, as the usage of the AI-powered Mosaic platform in the company proceeds.
The results were fueled by Bitcoin’s sharp rally during the quarter, which climbed from around $107,000 in July to $114,000 by September 30, briefly touching an all-time high above $126,000 earlier in the year before easing as investors locked in profits.
Over the past 12 months, Bitcoin has traded in a wide range between $72,000 and $126,000, underscoring the volatility that continues to shape Strategy’s balance-sheet performance. The company’s Bitcoin holdings rose to 640,808 BTC, up from 597,325 BTC at the start of Q3, representing roughly $70.9 billion in value.
Strategy Reaffirms Bitcoin-Led Growth Targets and Full-Year Outlook
During the post-earnings call, Executive Chair Michael Saylor reiterated that the company will continue prioritizing Bitcoin accumulation over acquisitions.
Our focus remains on purchasing Bitcoin rather than pursuing any deal, even if it appears accretive, the ultimate form of capital for long-term growth.”
Said Saylor
CEO Phong Le confirmed that Strategy remains confident in its targets for 2025.
We are on track to achieve a 30% Bitcoin yield by year-end. Our full-year 2025 guidance for $34 billion in operating income and $80 per share in earnings remains unchanged, assuming Bitcoin reaches $150,000 before December.”
Phong Le Said.
MSTR Stock Reaction and Analyst Outlook
MSTR stock rose 5.8% in after-hours trading on Thursday following the company’s strong Q3 earnings beat, which reaffirmed its year-end Bitcoin target of $150,000. The stock last traded around $254.57, while Bitcoin (BTC) held near $109,852, up 1.42% in the past 24 hours.
Analysts remain largely bullish, with 14 Wall Street firms maintaining a “Strong Buy” rating and an average price target of $532, implying over 100% upside from current levels.
Retail sentiment has also turned sharply positive on trading platforms such as Stocktwits, where traders highlighted Strategy’s ability to post record profits despite Bitcoin volatility.
Outlook: Bitcoin and AI Remain Strategy’s Core Drivers
Strategy’s earnings reaffirm its position as the largest corporate Bitcoin holder and a key player bridging blockchain and business intelligence. As the company launches its AI integration with Mosaic and gradually grows in scale, and an increasing number of institutions start to take an interest in crypto-backed finance, analysts consider Strategy to be a risky, high-conviction bet about the future of digital capital.
If Bitcoin continues its upward trajectory toward $150,000, Strategy’s balance-sheet leverage could deliver another breakout year, making MSTR one of the most watched stocks heading into 2026.
Strategy Inc. reported net income of $2.8 billion, or $8.42 per share, for Q3 2025 — a sharp turnaround from a $340.2 million loss a year earlier
As of October 2025, Strategy holds 640,808 BTC.
The company reaffirmed its 2025 guidance for $34 billion in operating income and $80 EPS, assuming Bitcoin reaches $150,000 by year-end, with management focused on expanding both its Bitcoin treasury and AI software revenues.
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