Strategy (formerly MicroStrategy) has qualified for consideration for inclusion in the S&P 500 after reporting one of the strongest quarters in its history. In Q2 2025 the company posted $14 billion in operating income and $10 billion in net income, equal to $32.6 in diluted earnings per share, on revenue of $114.5 million. Subscription services grew nearly 70% year‑over‑year.
The firm says a shift to fair-value accounting in January 2025 let it recognize unrealized gains on digital assets. With bitcoin trading above $100,000 during the quarter, Strategy recorded sizable paper gains that materially improved its reported profitability.
As of June 30, Strategy held 597,325 BTC and reported a BTC Yield of 19.7% year‑to‑date — a measure of the change in bitcoin per diluted share. Management raised full‑year 2025 guidance to $34 billion in operating income, $24 billion in net income and $80 in diluted EPS, based on an assumed year‑end bitcoin price of $150,000.
Meeting the S&P 500’s technical criteria — U.S. listing, market capitalization above the threshold, sufficient daily trading volume, a majority public float and positive recent earnings — places Strategy on the committee’s radar. The S&P Dow Jones Indices committee is expected to make an announcement on Sept. 5, with any changes effective Sept. 19. If admitted, Strategy would be the first company with a bitcoin-heavy treasury to join the benchmark.
Investors should note the committee retains final discretion and that Strategy’s results are closely tied to bitcoin prices and accounting assumptions. Paper gains can reverse quickly, and index inclusion depends on continued compliance with S&P rules and prevailing market conditions.
Source: CoinDesk. Read the original coverage for full details.