The strategy reported a profit of $3.89 billion in unrealized gains on Bitcoin (BTC) in the third quarter of 2025, propelling the company to surpass Coinbase’s market capitalization.
The company’s holdings surpassed the $80 billion value for the first time as Bitcoin traded above $125,000. As of press time, Bitcoin was trading at $125,420.83, valuing the company’s digital asset portfolio at approximately $8.026 billion based on current market prices.
The strategy held a carrying value of Bitcoin on its balance sheet of $732.1 billion as of September 30, with an associated deferred tax liability of $7.433 billion. As a result, current holdings have already exceeded $7 billion within a week of the tally.
As of October 6th, the strategy has purchased 640,031 BTC for a total purchase price of $473.5 billion, with an average cost basis of $73,983 per BTC.
The company recorded an unrealized gain of $3.89 billion in the quarter ended Sept. 30.
The strategy adopted Accounting Standards Update No. 2023-08, which became effective January 1. This requires recognition of increases or decreases in the fair value of digital assets in the consolidated statement of operations for each reporting period.
The company acquired 42,706 BTC during the third quarter for a total purchase price of $4.95 billion, with an average purchase price of $115,959 per BTC.
The strategy funded these purchases using net proceeds from multiple market share offerings, including $2.07 billion from the Class A common stock program, $2.47 billion from the subscription of STRC preferred stock, and small amounts from the STRF, STRK and STR preferred stock programs.
The strategy’s outstanding debt totaled $8.24 billion as of September 30. This included $62 billion in convertible notes in six different series from 2028 to 2032.
Annual contractual interest expense on our convertible debt was $36.8 million, while annual dividends on our preferred stock totaled $638.7 million.
Additionally, Strategy’s MSTR stock was trading at $358.13 as of press time, making it the 105th largest public company in the U.S. with a market capitalization of more than $101 billion as of Oct. 6.
Coinbase ranks 108th among U.S. public companies with a market capitalization of over $99 billion.
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(TagStoTRASSLATE) BITCOIN (T) COINBASE (T) Strategy (T) Crypto (T) Function (T) Financial Company
