Strategy Reports $19.53 Billion Quarterly Profit, Nearly All From Bitcoin Book Gains

Strategy reported a quarterly net profit of $19.53 billion, almost entirely from increases in the book value of its Bitcoin holdings. According to Odaily, MSCI will remove Strategy from the MSCI USA Index after the close on November 30, a change that will also affect the MSCI World and MSCI All Country World indexes’ U.S. company components; funds tracking those indexes may sell MSTR shares. The removal will not take Strategy off Nasdaq, halt its operations or force it to sell Bitcoin. MSCI approved new rules in October to exclude investment vehicles that primarily hold financial assets from indexes of operating companies. In a letter to MSCI, Strategy called the proposed rules “discriminatory, arbitrary and misleading,” and said MSCI should reflect the market rather than judge it. Strategy reported quarterly operating revenue of $20.91 billion, nearly all of which came from Bitcoin’s increase in book value. Under accounting rules adopted in 2025, Bitcoin price changes are counted in earnings even when the assets are not sold. The company’s software division had quarterly revenue of $125.4 million, down 3% year over year. Full-year 2025 revenue was $477.2 million, below the $486.3 million reported in 2019. Strategy estimates that funds tracking MSCI indexes hold about 13 million MSTR shares, equal to 3.1% of its outstanding common stock, and says the amount is manageable. The company continues to raise funds by issuing shares and other securities and use the proceeds to buy Bitcoin. A lower share price could reduce the amount it raises, but removal from the indexes does not necessarily mean it will cut Bitcoin purchases.