Strategy, formerly known as MicroStrategy, released its financial report for the third quarter of 2025. The company recorded a net profit of $2.8 billion; however, there was also a significant decline in other key financial metrics, particularly mNAV, which fell to 1.2.
This is reported by Business • Media
Financial Results and Trends in Crypto Investments
In the report, the company highlighted that its operating profit before taxes and expenses amounted to $3.9 billion and is entirely unrealized profit from its Bitcoin portfolio. Cash and cash equivalents on the balance sheet totaled $54.3 million. The diluted earnings per share reached $8.42, surpassing previous analyst expectations ($8.15).
Strategy also announced an annual return on its Bitcoin investments of 26%. However, the overall results for the third quarter were significantly lower than those of the second quarter: at that time, unrealized profit exceeded $14 billion, and net profit was around $10 billion.
“This is due to the volatility in the cryptocurrency market and the slowdown in Bitcoin’s growth. Additionally, in early October 2025, the asset faced a sharp correction.”
The total number of Bitcoins acquired in the third quarter was 42,706 BTC, which is significantly lower compared to previous quarters (69,000 BTC in the second, over 80,000 BTC in the first). The pace of purchases particularly slowed in September 2025, when only five small transactions occurred.
Impact on Stocks and Market Outlook
Following the release of the quarterly report, Strategy’s Class A shares (MSTR) fell by more than 7.5%. Meanwhile, in pre-market trading, the price partially recovered; however, investors noted increased volatility in the company’s securities.
mNAV, which reflects the ratio of the company’s market capitalization to the value of its crypto assets, dropped to 1.25 — the lowest level since March 2023. Securities with this metric are considered to be significantly discounted. In comparison, in January 2025, amid the inauguration of U.S. President Donald Trump, Strategy’s mNAV exceeded 2.
Despite a challenging quarter, the company maintains an optimistic outlook for the year: net profit for 2025 is expected to reach $24 billion. Analysts also note that under favorable conditions, Strategy could enter the S&P 500 index if its financial results remain strong.