Strategy (MSTR), formerly MicroStrategy, now qualifies for S&P 500 inclusion following a record-setting second quarter that underscored both profitability and bitcoin-driven balance sheet growth.
For Q2 2025, the company posted $14 billion in operating income and $10 billion in net income, or $32.6 per diluted share. Revenue reached $114.5 million, up 2.7% from a year earlier, with subscription services rising nearly 70%.
The shift to fair-value accounting standards in January enabled Strategy to book unrealized gains on its bitcoin (BTC $109,069.16) holdings, reversing years of impairment-related losses. With BTC trading above $100,000, those gains fueled one of the company’s strongest earnings periods ever.
As of June 30, Strategy held 597,325 BTC and reported a year-to-date BTC Yield of 19.7%. Management lifted its full-year outlook to $34 billion in operating income, $24 billion in net income, and $80 EPS, based on a $150,000 year-end bitcoin price.
Meeting all S&P 500 requirements—market cap, liquidity, profitability, and float—Strategy is now eligible for addition at the September rebalance. Decisions are due Sept. 5, with changes effective Sept. 19.
If selected, Strategy would become the first bitcoin-focused treasury firm in the index, marking a watershed moment for the role of digital assets in U.S. equity benchmarks.
