Did the strategy really earn a $ 10 billion quarterly quarter?

Strategy presents its quarterly results

THURSDAY, Strategy announced its quarterly results for the period from April to JuneAnd while the company holds 628,791 BTC in stock, the market must be said to have been particularly attentive to what would be announced.

On paper seems to be everything beautiful, Because the strategy emphasizes the operating profit of $ 14 billionNet profit of $ 10 billion, bringing a profit per share $ 32.6.

Only here, choosing words to its importance, because talking about benefits, strategy does not use English term ”profit“But well”network“, Which can also lead to” pure income “.

In this particular case, the nuances must be underlined because the second consecutive quarter has used an accounting rule that enabled it to integrate the performance of bitcoins into its results, resulting in a complete disconnection of data involved in its historical activity on corporate software:

Operating profit in the second quarter of 2025 was approximately $ 14.03 billion, an increase of 7,106.4 % compared to the previous year. It includes latent profit from the company’s digital assets, which is $ 14.0 billion. This is the second quarter, where we apply accounting to real value.

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The problem with this accounting method is that, as the company sets, it is a latent profit because no bitcoin has been sold. Therefore, Quarterly Results of Strategy are now subject to BTC volatilityAlthough the company is satisfied with the holder without acting really profits or losses.

In periods when the market is strongly increasing as at present, this can disrupt the perception of investors. And for good reason, it is easier to justify the debt of $ 8.21 billion, $ 3.52 billion in preferential shares and a problem with common class and $ 35.18 million in 6 months, an increase of 15.55 %.

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If we focus only on the activity of the strategic company software, the company has reached a turnover of $ 114.5 million, an increase of 2.7 % compared to the second quarter of 2024. In previous years it reached a strategy (then called Microstrategy), the following results in the 2.

• 2023: $ 120.4 million;
• 2022: $ 122.1 million;
• 2021: $ 125.4 million.

Although the real performance of the company has been declining over the years, The action exploded on the stock market, far beyond the performance of BTC. Since July 1, 2021, where BTC increased by 224 %, MST has a profit of 463 %:

Action course mst in monthly data

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Due to such overvaluation, it will therefore be necessary to prove great caution against the possible reversal of the market.

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Sources: Strategy, TradingView