Michael Saylor Strategy (NASDAQ: MSTR) released its third-quarter earnings after the market closed on October 30, reporting net income of $2.8 billion.
Diluted earnings per share (EPS) were $8.42, beating analysts’ expectations of $8.15. As of October 26, 2025, the strategy owned 640,808 Bitcoins, acquired for a total of $47.44 billion at an average price of $74,032 per coin.
The company reported a year-to-date Bitcoin return of 26%, generating $12.9 billion in gains amid the ongoing 2025 cryptocurrency bull market.
Looking ahead, the strategy projects full-year 2025 operating income of $34 billion and net income of $24 billion, or $80 per share — highlighting its transformation from a business intelligence company into a de facto institutional Bitcoin investment vehicle.
Total revenue for the third quarter was $128.7 million, up 10.9% year over year and above analysts’ expectations of $118.43 million.
The company’s bitcoin holdings have already generated a gain of 116,555 bitcoins in 2025, equivalent to $12.9 billion in dollar terms based on an average bitcoin price of about $110,600 as of October 24, approaching the full-year target of $20 billion.
Michael Saylor is the epitome of a Bitcoin bull
Michael Saylor recently said in Money 20/20, “By the time the bankers tell you it’s a good idea, it’s going to cost $10 million per bitcoin.” He added that Bitcoin is currently at a “99%” discount.
Saylor’s public rhetoric toward Bitcoin supports this belief. Saylor reiterated his bullish outlook for Bitcoin, predicting it will reach $150,000 by the end of 2025 and up to $1 million within four to eight years.
He cited increasing institutional adoption, driven by industry transformations, new investment products, and Strategic’s recent B-minus credit rating, as key catalysts.
Saylor highlighted Strategy’s digital credit tools that provide 8% to 12.5% returns, tax-efficient returns, and customized risk profiles. He noted the growing acceptance of Bitcoin by major US banks and praised supportive regulatory policies.
A strategy with a $1 trillion Bitcoin balance sheet
In a recent interview with Bitcoin Magazine, Michael Saylor outlined his ambitious vision for the strategy: building a trillion-dollar Bitcoin balance sheet to transform global finance.
Saylor sees his company — and potentially other bitcoin treasury companies — amassing massive Bitcoin holdings, leveraging the cryptocurrency’s historic 21% rally to drive capital growth.
Central to his plan is the creation of bitcoin-backed credit markets that offer much higher returns than traditional paper debt. By over-collateralizing capital, Saylor says the system can be safer than AAA corporate debt while providing better returns for investors.
He points out that this approach could stimulate credit markets around the world, offering alternatives to the low-yield bonds that dominate Europe and Japan.
Saylor also envisions Bitcoin becoming an integral part of the balance sheets of companies, banks and sovereigns, gradually turning traditional stock indices into indirect instruments of Bitcoin.
This integration could boost public companies, redefine savings accounts and money market funds, and allow technology giants like Apple and Google to bring hundreds of millions into the digital economy.
Those interested in learning more about the strategy’s earnings report can view the full details here.
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