MicroStrategy, now operating under the name Strategy (MSTR), has officially qualified for potential inclusion in the S&P 500 following one of the strongest quarters in its history.
In the second quarter of 2025, the company reported $14 billion in operating income and $10 billion in net income, equating to $32.6 in diluted earnings per share. Quarterly revenue reached $114.5 million, a slight 2.7% increase year-over-year, with subscription services surging nearly 70%.
These results signify a remarkable turnaround from previous years, where impairment charges related to bitcoin negatively impacted reported earnings. The introduction of new fair-value accounting standards in January 2025 enabled Strategy to recognize unrealized gains on its digital asset holdings, directly enhancing profitability. With bitcoin trading above $100,000 during this period, the company registered substantial paper gains that significantly improved its balance sheet.
As of June 30, Strategy possessed 597,325 bitcoin. The firm reported a BTC Yield of 19.7% year-to-date, a crucial performance metric assessing the percentage change in the ratio of its bitcoin holdings to assumed diluted shares outstanding.
Management has raised guidance for full-year 2025 to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, predicated on an anticipated year-end bitcoin price of $150,000.
With ongoing profitability now secured, Strategy complies with all S&P 500 requirements: U.S. listing, market capitalization well above the $8.2 billion threshold, daily trading volumes over 250,000 shares, more than 50% public float, and positive earnings both for the latest quarter and on a trailing twelve-month basis.
The next possible opportunity for inclusion arises during the September 2025 rebalance, with announcements expected on Sept. 5 and changes effective as of Sept. 19. While the S&P Dow Jones Indices committee retains discretion, Strategy’s qualification highlights the expanding role of bitcoin in mainstream financial markets.
If approved, it would be the first bitcoin-treasury company to join the benchmark index, representing a significant milestone for the integration of digital assets into U.S. equities.
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