Strategy Reports $3.9B in Bitcoin Fair Value Appreciation in Q3 2025
Strategy Inc. (Nasdaq: MSTR) reported a $3.9 billion unrealized achieve on its digital asset holdings in the third quarter of 2025, reflecting the continued surge in Bitcoin’s market value.
According to the corporate’s newest Form 8-K filing with the U.S. Securities and Exchange Commission, Strategy’s mixture Bitcoin holdings stood at 640,031 BTC as of October 5, with a complete honest worth of $47.35 billion.
Bitcoin Holdings and Valuation
Strategy, identified for its Bitcoin-focused treasury approach, disclosed that it didn’t buy any new Bitcoin in the course of the reporting interval from September 29 to October 5.
The agency’s common buy value throughout all holdings remained $73,983 per BTC, whereas the carrying worth on its steadiness sheet stood at $73.21 billion as of September 30.
The $3.9 billion honest worth appreciation marks one among Strategy’s largest quarterly unrealized beneficial properties to this point, pushed by Bitcoin’s rally all through the third quarter. The firm additionally reported a associated $1.12 billion deferred tax expense, exhibiting the accounting influence of its digital asset publicity.
ATM and Preferred Stock Programs
The submitting additionally detailed updates to Strategy’s in depth at-the-market (ATM) fairness packages, which collectively characterize tens of billions in potential capital issuance.
The firm maintains 5 main ATM packages below varied tickers—STRF, STRC, STRK, STRD, and MSTR—throughout each most popular and customary inventory courses.
As of October 5, Strategy had roughly $63.9 billion out there for future issuance and sale below these packages. These embrace:
• $2.1 billion of 10% Series A Perpetual Strife Preferred Stock (STRF)
• $4.2 billion of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)
• $21 billion of 8% Series A Perpetual Strike Preferred Stock (STRK)
• $4.2 billion of 10% Series A Perpetual Stride Preferred Stock (STRD)
• $21 billion of Class A typical inventory (MSTR)
According to the submitting, no new shares had been offered in the course of the interval, and web proceeds figures remained unchanged. The firm stated proceeds had been offered web of gross sales commissions.
Financial Position
As of the tip of Q3 2025, Strategy reported a digital asset carrying worth of $73.21 billion and a associated deferred tax legal responsibility of $7.43 billion. These figures present the corporate’s continued give attention to Bitcoin as its core company reserve asset.
Strategy’s administration emphasised that the monetary data in the submitting was ready internally and reviewed by KPMG LLP, its impartial registered public accounting agency. The agency’s submitting reinforces its place as one of many largest institutional holders of Bitcoin.
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