Michael Saylor’s Strategy (NASDAQ: MSTR) announced its third-quarter earnings following the market close on October 30, revealing a remarkable net income of $2.8 billion.

The diluted earnings per share (EPS) reached $8.42, eclipsing analyst expectations of $8.15. As of October 26, 2025, Strategy held a total of 640,808 BTC, purchased for a cumulative $47.44 billion, resulting in an average acquisition price of $74,032 per coin.

The company recorded a year-to-date Bitcoin yield of 26%, generating gains of $12.9 billion during the ongoing 2025 crypto bull market.

Looking ahead, Strategy forecasts a full-year operating income of $34 billion and net income of $24 billion, amounting to $80 per share. This highlights the organization’s transition from a business intelligence firm to an influential Bitcoin investment vehicle.

Total revenues for the third quarter reached $128.7 million, representing a year-over-year increase of 10.9%, surpassing the anticipated $118.43 million by analysts.

The firm’s Bitcoin holdings have generated significant gains, totaling 116,555 BTC in 2025, which translates to $12.9 billion in monetary gains based on an average BTC price of approximately $110,600 as of October 24, aligning closely with its full-year target of $20 billion.

Michael Saylor: A Persistent Bull on Bitcoin

Furthermore, Saylor emphasized Strategy’s digital credit instruments, which offer yields between 8% to 12.5%, highlighting their tax-efficient returns and tailored risk profiles. He acknowledged the growing endorsement of Bitcoin by major U.S. banks and commended the supportive regulatory framework.

A Vision for a Trillion-Dollar Bitcoin Balance Sheet

Saylor envisions his firm, along with other Bitcoin treasury companies, amassing substantial Bitcoin holdings while leveraging the cryptocurrency’s historical annual appreciation rate of 21% to drive capital growth.

Central to this strategy is the establishment of Bitcoin-backed credit markets that offer yields significantly higher than those associated with traditional fiat debt. By employing a model of over-collateralization, Saylor contends that Bitcoin-backed instruments could present a safer alternative to AAA corporate debt while yielding more favorable returns for investors.

Such an approach, he argues, has the potential to rejuvenate credit markets on a global scale, providing alternatives to the low-yield bonds prevalent in regions such as Europe and Japan.

Additionally, Saylor predicts the integration of Bitcoin into corporate, banking, and sovereign balance sheets, which could gradually convert conventional equity indexes into indirect Bitcoin investment vehicles.

This kind of integration could invigorate public companies, redefine savings accounts and money market funds, and enable technology giants, such as Apple and Google, to funnel substantial resources into the digital economy.

For those seeking further details on Strategy’s earnings report, a comprehensive overview is available for viewing.

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