Catenaa, Friday, October 30, 2025- Bitcoin-treasury firm Strategy reported third-quarter profit of $2.8 billion, down sharply from $10 billion in the prior quarter, as bitcoin’s summer rally faded and market premiums narrowed.
The company’s bitcoin accumulation slowed for a third straight quarter, with 43,000 bitcoins added, bringing total holdings to about 640,808 BTC worth nearly $69 billion.
That marks its weakest quarter of purchases this year, reflecting a decline in investor appetite as bitcoin’s price dropped about 15% from early October’s highs.
Strategy’s diluted earnings of $8.42 per share exceeded analyst forecasts of $8.15 but marked the lowest result since adopting fair-value accounting in January.
The firm’s mNAV multiple, a valuation gauge comparing enterprise value to bitcoin holdings, fell to 1.2×, its lowest since March 2023, down from a 3.9× peak last November.
Shares closed at about $254, their lowest in six months, before rising 4% in after-hours trading.
To maintain demand for its funding instruments, Strategy raised the dividend on its variable-rate STRC preferred stock to 10.5%, up from 10.25% in October. These preferred securities allow the firm to continue buying bitcoin without issuing common shares, helping sustain accumulation despite tighter valuations.
Analysts said the results highlight the growing link between bitcoin’s price cycle and Strategy’s profitability and funding dynamics.
