MSTR’s Massive BTC Holdings Boost Its Outlook — But Volatility Still Lurks

Strategy Inc. (MSTR) continues to ride the crypto wave — with its Bitcoin stash now reshaping the company’s financial future. As of October 26, 2025, MSTR held roughly 640,808 BTC, representing over 3% of all Bitcoin that will ever exist. That massive haul helped the firm post US$3.9 billion in unrealized Bitcoin gains in its recent quarter — catapulting MSTR’s net income to US$2.8 billion. Year‑to‑date, the company racked up US$12.9 billion in Bitcoin‑linked gains, underscoring the power (and risk) of its BTC‑accumulation strategy. Behind the gains is MSTR’s strong access to capital markets. In 2025 alone, it has raised nearly US$20 billion through ATM equity raises and preferred-stock offerings — including US$5.1 billion in Q3 — giving it ample firepower to keep buying BTC and expanding its treasury. Still, the Bitcoin‑heavy model has its trade‑offs. MSTR’s earnings remain highly sensitive to BTC price swings, and its growing preferred‑stock obligations introduce financial leverage that demands market support. The company’s legacy software business remains modest in scale compared with its crypto holdings. Looking ahead, MSTR is projecting bold upside: assuming Bitcoin reaches US$150,000, management estimates US$34 billion in operating income and earnings-per-share as high as US$80. For now, MSTR is a high-reward, high-risk bet: if Bitcoin booms, it wins big — if BTC stumbles, so could MSTR. #Bitcoin #MSTR #CryptoInvesting #BitcoinTreasury #SlimScan #GrowthStocks #CANSLIM