In a significant development within the cryptocurrency landscape, Strategy has officially entered the price discovery mode, allowing it to edge closer to the top-100 market valuations among publicly traded companies. This ascent marks a notable achievement as Strategy has now overtaken Coinbase, securing its position as the 106th largest public company in the United States.
Both Strategy and Coinbase have played pivotal roles in bridging the divide between traditional finance and digital assets. Coinbase, which has been publicly traded since 2021, was one of the trailblazers in the crypto industry to go public through an initial public offering (IPO). Meanwhile, Strategy underwent a significant business model transformation in 2020, launching the most substantial Bitcoin treasury to date, a move that has proven to be a game-changer in its operational approach.
Recent reports show that Strategy experienced a staggering $3.9 billion in Bitcoin fair value appreciation during the third quarter of 2025. This surge is primarily attributed to the company’s extensive Bitcoin holdings, which now exceed 150,000 BTC valued at over $10 billion. This performance provides a clear indication that Strategy’s treasury-first strategy is currently outperforming traditional crypto infrastructure ventures.
As Strategy continues to deliver profitable quarterly earnings, discussions surrounding its potential inclusion in the S&P 500 have intensified. The company was previously considered for inclusion during the last review but ultimately fell short of selection, with companies like Robinhood and AppLovin taking the spotlight. However, momentum is building once more, especially following recent comments from Michael Saylor, Strategy’s executive chairman and co-founder.
In a recent interview with CNBC, Saylor expressed optimism regarding the firm’s future. “We figure it will happen in some time,” he stated, in relation to the possibility of being accepted into the S&P 500. He emphasized the ongoing digital transformation occurring within the markets, viewing it as a novel concept that is gaining traction. “Every quarter we make new believers, we get more support from banks, from politicians… I think that will continue for the foreseeable future,” he remarked.
This growing confidence was further bolstered by an unexpected multi-billion dollar tax break recently announced by the U.S. Treasury. The Treasury’s interim guidance clarified that corporations are not liable for taxes on unrealized gains from digital assets. This new policy caught many by surprise, including Strategy, as it effectively allows the company to retain the $3.9 billion in fair value appreciation tax-free, adding to its financial stability and propelling its aspirations in both the market and potential future index placements.
