Strategy 3Q Earnings Report, Net Profit of 430 Billion Yen, a Significant Decrease from the Previous Quarter

Strategy (formerly MicroStrategy), the largest holder of Bitcoin (BTC), announced its third-quarter earnings for 2025 (July to September) on the 30th. The net profit was $2.8 billion (431.3 billion yen). The stock price rose about 2.5% in after-hours trading.

The net profit significantly decreased from the previous $10 billion. The decline in Bitcoin's price in the latter half of the summer contributed to the ongoing compression of the company's valuation premium (mNAV). The pace of the company's BTC purchases has also slowed down.

The company's mNAV ratio, a metric comparing corporate value to the amount of Bitcoin held, has dropped to about 1.2x due to the decline in Bitcoin prices, marking the lowest level since March 2023...