What happened?
Strategy Inc. (NASDAQ: MSTR) reported it holds 640,031 BTC, with a fair value of about $47.35 billion and a balance-sheet carrying value of $73.21 billion, placing it among the top five U.S. corporate treasuries at roughly $80 billion in digital assets. The company logged a $3.9 billion unrealized gain in Q3 2025, noted a $1.12 billion deferred tax expense, and said it made no new Bitcoin purchases from Sept. 29 to Oct. 5, keeping an average purchase price of about $73,983 per BTC. The filing also detailed large at-the-market and preferred-stock programs totaling roughly $63.9 billion in potential capital issuance.
Who does this affect?
Strategy shareholders and potential investors are directly affected because the company’s valuation and tax profile are heavily tied to Bitcoin’s price swings. Bitcoin traders and institutional investors watch closely since Strategy’s massive holdings shape market sentiment about corporate adoption and reserve strategies. Regulators, auditors, and other corporations are also stakeholders because the accounting, tax treatment, and disclosure of such large crypto treasuries set precedents and invite scrutiny.
Why does this matter?
This matters for markets because a public company holding tens of billions in Bitcoin reinforces institutional legitimacy and can boost investor confidence, which may support higher crypto prices. Strategy’s size means any decision to buy, sell, or raise capital linked to its Bitcoin position could affect liquidity and short-term volatility in the Bitcoin market. Plus, the tax and accounting implications, along with possible equity issuances tied to crypto strategy, could influence other firms’ treasury policies and ripple through broader capital markets.