The strategy reported a profit of $3.89 billion in unrealized profits in Bitcoin (BTC) in the third quarter of 2025, urging the company to surpass Coinbase’s market capitalization.
The company’s holdings exceeded the value of $80 billion for the first time, as Bitcoin is a transaction that exceeds $125,000. As of press time, Bitcoin was trading at $125,420.83, valueating the company’s digital assets portfolio at approximately $8.026 billion based on current market prices.
The strategy held a carrying amount of $732.1 billion in Bitcoin on its balance sheet as of September 30, with associated deferred tax liabilities of $7.433 billion. As a result, current holdings have already exceeded $7 billion within a week of tally.
As of October 6th, the strategy purchased 640,031 BTC at a total purchase price of $473.5 billion, with an average cost basis of $73,983 per BTC.
The company recorded unrealized $3.89 billion in profits in the quarter ended September 30th.
The strategy adopted Accounting Standards Update No. 2023-08, which came into effect on January 1st. This requires us to recognize an increase or decrease in the fair value of digital assets in consolidated operating statements for each reporting period.
The company acquired 42,706 BTC in the third quarter for a total purchase price of $4.95 billion, with an average purchase price of $115,959 per BTC.
The strategy funded these purchases using net income from multiple market share offerings, including $2.07 billion from the Class A Common Stock Program, $2.47 billion from the underwriting of STRC Preferred Stocks, and small amounts from the STRF, STRK and STR Preferred Stock Program.
The strategy’s outstanding debt totaled $8.24 billion as of September 30th. This included $62 billion in convertible debt in six different series from 2028 to 2032.
The annual contractual interest expense on our convertible obligations was $36.8 million, while the annual dividend on our preferred stock totaled $638.7 million.
Additionally, Strategy’s MSTR shares are trading at $358.13 at the time of reporting, making it the 105th largest public company in the United States with a market capitalization of over $101 billion as of October 6th.
Coinbase ranks 108th among public US companies, with a market capitalization of over $99 billion.
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