Bitcoin’s largest corporate holder, Strategy Inc. reported a fair value increase of $3.9 billion in BTC holdings in the third quarter of 2025. The results show that the company’s massive exposure to Bitcoin has paid off beautifully.
The company’s Bitcoin position is currently over $80 billion, and is the foundation of its strategy business. As BTC rose above $125,000 this week, Strategy’s 640,031 BTC was worth roughly $80.3 billion or $31 billion of unrealized profits.
According to the company’s quarterly filing, the average cost base for Bitcoin’s strategy is $73,983 per coin, built over many years of consistent purchases. However, for the first time since April, the company did not buy Bitcoin this week.
Executive Secretary Michael Saylor confirmed the suspension and tweeted, “There are no new orange dots this week. Let me remind you why we’re holding Hodl.” This tweet referenced the orange dots used to mark each Bitcoin purchase on the strategy public chart.
Q3 was one of the best accommodations ever. The strategy reported $3.89 billion in unrealized profits and $11.2 billion deferred tax costs. As of September 30th, the carrying amount of the digital assets was $732.1 billion with deferred tax liabilities of $7.433 billion.
In addition to reassessing BTC, the strategic equity program and debt delivery have made it one of the most financially active public companies in the United States.
As of early October, the company became the 106th largest public company in the United States, surpassing Coinbase with a market capitalization of over $101 billion.
The price of MSTR, a company’s stock, was unstable. It rose 2-3% before the market, and rose about $365, then returned to $350. Inventory rose 25% per year, reaching a high of over $450 in the summer.
To fund the Bitcoin purchases, the strategy raised approximately $5.09 billion in new capital in the third quarter.
According to investors’ hangouts, this included $2.47 billion from the initial public offering of preferred stock under Ticker STRC and $2.62 billion through Apariate-wide Market (ATM) stock sales. The company has $46.3 billion remaining capacity under these programs.
The preferred equity obligation is $6.6 billion, and convertible obligations are $8.2 billion in principal maturity between 2028 and 2032.
These funding allows the company to buy more Bitcoin, but also introduces risk. The company acknowledges that as the balance sheet moves with Bitcoin, large Bitcoin exposure and reliance on capital markets creates financial leverage.
The strategy didn’t buy Bitcoin last week, but it’s the first pause since April. HALT coincided with $140 million in dividend payments, which may be redirecting cash flows towards shareholder obligations.
This is nothing new. The company did the same this year near the end of its first and second accounting wards. The applications suggest that these suspensions are related to quarterly closures and capital adjustments, rather than changes to long-term strategies.