Strategy reports $3.9B Bitcoin gain in Q3, becomes the 106th largest US public firm
Strategy reported $3.89 billion in unrealized gains on Bitcoin (BTC) throughout the third quarter of 2025, propelling the firm to surpass Coinbase’s market cap.
The firm’s holdings surpassed $80 billion in worth for the first time as Bitcoin trades above $125,000. As of press time, bitcoin traded at $125,420.83, valuing the firm’s digital asset portfolio at roughly $80.26 billion primarily based on present market costs.
Strategy held $73.21 billion in Bitcoin carrying worth on its steadiness sheet as of Sept. 30, with a associated deferred tax legal responsibility of $7.43 billion. As a outcome, the present holdings are already over $7 billion bigger lower than one week after the tally.
As of Oct. 6, Strategy holds 640,031 BTC acquired at an combination buy worth of $47.35 billion with a median value foundation of $73,983 per BTC.
The firm recorded an unrealized gain of $3.89 billion throughout the quarter ended Sept. 30, partially offset by a deferred tax expense of $1.12 billion.
Strategy adopted Accounting Standards Update No. 2023-08, efficient Jan. 1, which requires the firm to acknowledge will increase or decreases in the honest worth of digital property in its consolidated statements of operations for every reporting interval.
The firm acquired 42,706 BTC throughout the third quarter at an combination buy worth of $4.95 billion with a median buy worth of $115,959 per BTC.
Strategy funded these purchases utilizing internet proceeds from a number of at-the-market fairness choices, together with $2.07 billion from its class A standard inventory program, $2.47 billion from an underwritten providing of its STRC most popular inventory, and smaller quantities from its STRF, STRK, and STRD most popular inventory applications.
Strategy’s excellent indebtedness totaled $8.24 billion as of Sept. 30, together with $8.20 billion in convertible notes throughout six completely different sequence maturing between 2028 and 2032.
The firm’s annual contractual curiosity expense on its convertible debt was $36.8 million, whereas its yearly dividends on most popular inventory totaled $638.7 million.
Additionally, Strategy’s MSTR shares traded at $358.13 as of press time, making it the 105th largest publicly traded company in the US with a market capitalization surpassing $101 billion as of Oct. 6.
Coinbase ranks 108th amongst US public corporations, with a market capitalization of over $99 billion.
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