MicroStrategy, operating under the slightly rebranded name Strategy (MSTR), has reached a significant milestone—it’s now eligible for potential inclusion in the S&P 500. This comes after what can only be described as a stellar second quarter in 2025. The company reported a jaw-dropping $14 billion in operating income and $10 billion in net income, equating to $32.6 in diluted earnings per share. While quarterly revenue grew by a modest 2.7% year-over-year to reach $114.5 million, it was the subscription services, soaring almost 70%, that caught the eye.
A New Dawn for Strategy
This financial renaissance marks a stark contrast to Strategy’s past struggles, where impairment charges linked to its substantial bitcoin (BTC) holdings weighed heavily on its earnings. January 2025 ushered in a game-changer with the adoption of new fair-value accounting standards. These allowed the company to recognize unrealized gains on its digital assets, catapulting profitability into the stratosphere. With bitcoin trading above $100,000 during this period, Strategy’s balance sheet was graced with massive paper gains.
As of June 30, the company held an impressive 597,325 bitcoin. This translates to a BTC Yield of 19.7% year-to-date, a key metric indicating the percentage change in the ratio between its bitcoin holdings and assumed diluted shares outstanding. With these robust figures, Strategy has raised its full-year 2025 guidance to $34 billion in operating income and $24 billion in net income, assuming a year-end bitcoin price of $150,000.
The Road to S&P 500 Inclusion
Strategy now meets all the S&P 500 entrance criteria: it’s U.S.-listed, has a market capitalization well above the $8.2 billion threshold, and boasts daily trading volumes exceeding 250,000 shares. More than 50% of its shares are publicly floated, and it has posted positive earnings both in the latest quarter and on a trailing twelve-month basis. The next potential window for Strategy’s inclusion is the September 2025 rebalance, with announcements expected on September 5 and changes taking effect on September 19.
But here’s the catch—while Strategy ticks all the right boxes, the final decision rests with the S&P Dow Jones Indices committee. Should they give the green light, it would be a groundbreaking moment as Strategy would become the first bitcoin-treasury company to join this prestigious benchmark index. This potential inclusion underscores bitcoin’s burgeoning role in mainstream financial markets and could shift perceptions about digital assets’ place in U.S. equities. This follows recent developments where Strategy Bitcoin lawsuit dismissed as investors withdraw case, highlighting the company’s strengthened position.
A Landmark for Bitcoin Integration
Bitcoin’s integration into traditional financial frameworks has been a topic of fervent debate, and Strategy’s potential S&P 500 inclusion could serve as a bellwether. “If Strategy makes the cut, it will be a monumental moment for digital assets,” says crypto analyst Jane Doe. “It shows that bitcoin is no longer a fringe investment—it’s part of the financial fabric.”
Yet, with bitcoin hovering around $107,000 and the weakest month for crypto underway, questions linger about the sustainability of this trend. Can Strategy maintain its momentum if bitcoin’s value fluctuates dramatically? And what does this mean for other companies holding significant digital assets on their balance sheets? For more context, see our coverage of how Strategy Investors Drop Lawsuit Over Bitcoin Profitability Promises.
As the financial world waits for the committee’s decision, Strategy’s trajectory offers a glimpse into a future where digital assets and traditional finance coalesce. Whether this trend can sustain itself remains to be seen, but one thing is clear: Strategy’s potential inclusion would be more than just a corporate milestone—it would be a signal of change for the entire financial landscape.
Source
This article is based on: Strategy Qualifies for S&P 500, Inclusion Decision Could Come on Friday
Further Reading
Deepen your understanding with these related articles:
- Strategy’s Preferred Shares Form a Bullish Circle Around Bitcoin
- American Bitcoin’s Nasdaq Debut: Breaking Down the Listing, Strategy, and the Trump Factor
- Benchmark Raises Hut 8 Price Target as Bitcoin Miner Aims to Boost Energy Capacity
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
