Strategy (MSTR), formerly MicroStrategy, now qualifies for potential inclusion in the S&P 500 after posting its strongest quarter to date, fueled by bitcoin gains and a shift in accounting standards.
The company reported Q2 2025 operating income of $14 billion and net income of $10 billion, equal to $32.6 per diluted share. Revenue rose 2.7% year-over-year to $114.5 million, with subscription services jumping nearly 70%.
New fair-value accounting rules, introduced in January, allowed Strategy to recognize unrealized gains on its bitcoin holdings. With BTC ($109,069.16) trading above $100,000 during the quarter, the firm booked large paper gains that transformed its bottom line.
As of June 30, Strategy held 597,325 BTC, with a 19.7% BTC Yield year-to-date. Management lifted full-year guidance to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, assuming bitcoin reaches $150,000 by year-end.
By meeting requirements around profitability, liquidity, market capitalization, and float, Strategy is now eligible for S&P 500 inclusion. The committee will announce its September rebalance decision on Sept. 5, with changes effective Sept. 19.
If selected, Strategy would become the first bitcoin-treasury company admitted to the index, highlighting the growing role of digital assets in mainstream U.S. equity benchmarks.
