Strategy Reports $3.9B in Bitcoin Fair Value Appreciation in Q3 2025

Strategy Inc. (Nasdaq: MSTR) reported a $3.9 billion unrealized gain on its digital asset holdings in the third quarter of 2025, reflecting the continued surge in Bitcoin’s market price.

According to the company’s latest Form 8-K filing with the U.S. Securities and Exchange Commission, Strategy’s aggregate Bitcoin holdings stood at 640,031 BTC as of October 5, with a total fair value of $47.35 billion.

Bitcoin Holdings and Valuation

Strategy, known for its Bitcoin-focused treasury approach, disclosed that it did not purchase any new Bitcoin during the reporting period from September 29 to October 5.

The firm’s average purchase price across all holdings remained $73,983 per BTC, while the carrying value on its balance sheet stood at $73.21 billion as of September 30.

The $3.9 billion fair value appreciation marks one of Strategy’s largest quarterly unrealized gains to date, driven by Bitcoin’s rally throughout the third quarter. The company also reported a related $1.12 billion deferred tax expense, showing the accounting impact of its digital asset exposure.

ATM and Preferred Stock Programs

The filing also detailed updates to Strategy’s extensive at-the-market (ATM) equity programs, which collectively represent tens of billions in potential capital issuance.

The company maintains five major ATM programs under various tickers—STRF, STRC, STRK, STRD, and MSTR—across both preferred and common stock classes.

As of October 5, Strategy had approximately $63.9 billion available for future issuance and sale under these programs. These include:
• $2.1 billion of 10% Series A Perpetual Strife Preferred Stock (STRF)
• $4.2 billion of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)
• $21 billion of 8% Series A Perpetual Strike Preferred Stock (STRK)
• $4.2 billion of 10% Series A Perpetual Stride Preferred Stock (STRD)
• $21 billion of Class A common stock (MSTR)

According to the filing, no new shares were sold during the period, and net proceeds figures remained unchanged. The company said proceeds were presented net of sales commissions.

Financial Position

As of the end of Q3 2025, Strategy reported a digital asset carrying value of $73.21 billion and a related deferred tax liability of $7.43 billion. These figures show the company’s continued focus on Bitcoin as its core corporate reserve asset.

Strategy’s management emphasized that the financial information in the filing was prepared internally and reviewed by KPMG LLP, its independent registered public accounting firm. The firm’s filing reinforces its position as one of the largest institutional holders of Bitcoin.

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