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After a record Q2 with $10 billion net income and a growing bitcoin balance, Strategy meets all index criteria as the S&P committee prepares its September announcement.
By James Van Straten, AI Boost|Edited by Parikshit Mishra
Sep 1, 2025, 9:37 a.m.
- Reported $14 billion operating income, $10 billion net income, and $114.5 million revenue in Q2 2025, with full-year guidance of $24 billion net income and $80 EPS.
- As of June 30, held 597,325 BTC and achieved a 19.7% BTC Yield year-to-date, a KPI measuring bitcoin growth relative to diluted shares.
MicroStrategy, now doing business as Strategy (MSTR), has officially qualified for potential inclusion in the S&P 500 after posting one of the strongest quarters in its history.
In the second quarter of 2025, the company reported $14 billion in operating income and $10 billion in net income, equal to $32.6 in diluted earnings per share. Quarterly revenue came in at $114.5 million, a modest 2.7% increase year-over-year, with subscription services rising nearly 70%.
STORY CONTINUES BELOW
The results mark a dramatic turnaround from prior years, when impairment charges tied to bitcoin BTC$109,192.39 depressed reported earnings. The adoption of new fair-value accounting standards in January 2025 allowed Strategy to recognize unrealized gains on its digital asset holdings, directly boosting profitability. With bitcoin trading above $100,000 during the period, the company booked massive paper gains that transformed its balance sheet.
As of June 30, Strategy held 597,325 bitcoin. The firm highlighted a BTC Yield of 19.7% year-to-date, a key performance indicator measuring the percentage change in the ratio between its bitcoin count and assumed diluted shares outstanding.
Management raised guidance for full-year 2025 to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, assuming a year-end bitcoin price of $150,000.
With consistent profitability now established, Strategy meets all S&P 500 requirements: U.S. listing, market capitalization far above the $8.2 billion threshold, daily trading volumes exceeding 250,000 shares, more than 50% public float, and positive earnings both in the latest quarter and on a trailing twelve-month basis.
The next potential window for inclusion is the September 2025 rebalance, with announcements expected Sept. 5 and changes taking effect Sept. 19. While the S&P Dow Jones Indices committee retains discretion, Strategy’s qualification underscores the growing role of bitcoin in mainstream financial markets.
If admitted, it would be the first bitcoin-treasury company to enter the benchmark index, symbolizing a landmark moment for the integration of digital assets into U.S. equities.
Read more: Bitcoin Hovers Around $107K as Weakest Month for Crypto Begins
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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