Q3 2025 Sees $3.9 Billion Bitcoin Fair Value Gain for Strategy
Strategy, the world’s largest corporate holder of Bitcoin, has reported significant gains on its cryptocurrency assets in the third quarter of 2025. The company disclosed substantial unrealized profits along with associated deferred tax obligations.
In brief
- Strategy recorded a $3.9 billion fair value gain on its Bitcoin holdings in Q3, along with a $1.12 billion deferred tax expense.
- The company owns 640,031 Bitcoin bought at around $74,000 each, which are now valued at nearly $79.6 billion.
- Bitcoin price movements have a strong effect on earnings, with every $10,000 change adding roughly $6 billion in unrealized gains.
Third-Quarter Bitcoin Gains at Strategy
In its latest filing with the U.S. Securities and Exchange Commission (SEC) , Strategy reported a fair value gain of $3.9 billion on its Bitcoin holdings for the third quarter, along with a deferred tax expense of $1.12 billion related to these gains.
As of September 30, 2025, the company’s balance sheet shows digital assets with a carrying value of $73.21 billion and a related deferred tax liability of $7.43 billion, reflecting the expected future tax impact of its accumulated cryptocurrency gains.
Meanwhile, Strategy holds 640,031 Bitcoin, purchased at an average price of $73,983 per coin . With Bitcoin trading around $124,300 at the end of the quarter, the total market value of these holdings is estimated at $79.6 billion, representing a cumulative unrealized gain of roughly $32.2 billion, or 68% above the acquisition cost.
Chaitanya Jain, Bitcoin strategist at the company, said that every $10,000 change in Bitcoin’s price generates roughly $6 billion in unrealized gains on its Bitcoin holdings, showing how closely the company’s earnings move with BTC’s price.
Strategy’s Dividends and Debt Overview
Also, during the third quarter, Strategy distributed dividends to its preferred stockholders and reported the company’s outstanding debt and related interest obligations with payments including:
- $29.2 million for STRF.
- $22.4 million for STRC for the August period and another $23.3 million for STRC covering September.
- $27.2 million for STRK and $37.6 million for STRD.
- Meanwhile, the company had $8.24 billion in outstanding debt with an annual contractual interest expense of $36.8 million, which remains low compared with the value of its cryptocurrency holdings.
Temporary Pause in Acquisitions and Strong Returns
Strategy temporarily paused its Bitcoin acquisitions last week, marking the first break since the end of July. In a post on X, co-founder and Executive Chairman Michael Saylor highlighted the pause , saying that, “No new orange dots this week — just a $9 billion reminder of why we HODL.” The pattern of halting purchases at the close of fiscal quarters is consistent with the company’s previous behavior.
Even with the recent short break in Bitcoin purchases, Strategy’s portfolio continues to perform strongly. According to BitcoinTreasuries.NET , the company’s total Bitcoin holdings have risen about 68%, reflecting the effectiveness of its long-term approach.
Strategy’s stock has also experienced positive movement, trading at $359.69 with an additional 2% increase at the time of reporting. The company ranks 106th among the largest American firms by market capitalization, and its Bitcoin holdings surpass the value of several major banks and are comparable to the total assets of certain countries.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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