MicroStrategy, which has rebranded itself as Strategy (MSTR), has achieved a significant milestone by qualifying for potential inclusion in the S&P 500 index. This comes on the heels of an impressive performance during the second quarter of 2025, during which the company reported an operating income of $14 billion and a net income of $10 billion. The firm achieved diluted earnings per share of $32.6, indicating robust profitability.
The quarterly revenue stood at $114.5 million, marking a slight year-over-year increase of 2.7%. Notably, the company’s subscription services segment saw a remarkable growth of nearly 70%, showcasing a shift in its business model that is paying dividends.
This remarkable financial turnaround contrasts sharply with previous years when the company faced significant impairment charges related to its bitcoin holdings. However, the introduction of new fair-value accounting standards in January 2025 allowed Strategy to recognize unrealized gains on its digital asset portfolio, which significantly improved profitability. The resurgence of bitcoin, which traded above $100,000 during the quarter, contributed to substantial paper gains, thereby enhancing the company’s financial standing.
As of June 30, Strategy held an impressive 597,325 bitcoins, and reported a year-to-date BTC yield of 19.7%. This measure indicates a positive performance concerning the ratio of its bitcoin assets to the number of shares outstanding, further affirming the firm’s strong position in the market.
Management has raised its guidance for the entirety of 2025, forecasting $34 billion in operating income, $24 billion in net income, and $80 in diluted earnings per share, based on an anticipated year-end bitcoin price of $150,000.
With its consistent profitability now firmly established, Strategy meets all criteria set forth for S&P 500 inclusion, including its U.S. listing, market capitalization significantly exceeding the $8.2 billion threshold, daily trading volumes above 250,000 shares, a public float exceeding 50%, and positive earnings in both the latest quarter and on a trailing twelve-month basis.
The next opportunity for possible inclusion in the S&P 500 is during the September 2025 rebalance, with announcements scheduled for September 5 and changes expected to take effect on September 19. While the S&P Dow Jones Indices committee retains discretionary power over inclusion decisions, Strategy’s qualification highlights the increasing acceptance of bitcoin within mainstream financial markets. If included, it would mark the first time a company holding bitcoin as part of its treasury has entered this prestigious index, signaling a pivotal moment for the intersection of digital assets and U.S. equities.
