Strategy, the company formerly known as MicroStrategy, has qualified for potential entry into the S&P 500 after delivering one of its strongest financial quarters to date. The index committee is expected to announce its September 2025 changes on Sept. 5, with additions taking effect on Sept. 19.
In the second quarter of 2025, Strategy reported $14 billion in operating income and $10 billion in net income, equal to $32.6 diluted earnings per share. Revenue totaled $114.5 million, reflecting a modest 2.7% year-over-year increase, supported by a near 70% surge in subscription services.
Meanwhile, the results marked a shift from earlier years when bitcoin impairment charges weighed on earnings. The introduction of fair-value accounting standards in January 2025 allowed the company to book unrealized gains on its digital asset holdings, which lifted profitability as bitcoin traded above $100,000 during the quarter.
Bitcoin Holdings and Key Metrics
As of June 30, Strategy held 597,325 BTC. Management emphasized its BTC Yield of 19.7% year-to-date, a metric tracking the percentage change in bitcoin holdings relative to diluted shares outstanding.
Guidance for full-year 2025 was raised to $34 billion operating income, $24 billion net income, and $80 diluted EPS, based on an assumed bitcoin price of $150,000 by year-end. Executive Chairman Michael Saylor has positioned bitcoin as central to the company’s long-term strategy, but some observers have questioned sustainability. The BTC Yield looks strong now, but whether it can hold in different market conditions remains to be seen.
S&P 500 Criteria Met
To qualify for inclusion in the index, companies must meet several conditions: a U.S. listing, market capitalization above $8.2 billion, average daily trading volume above 250,000 shares, more than 50% of shares available to the public, and positive earnings both in the latest quarter and over the trailing twelve months. Strategy currently satisfies each of these requirements.
While inclusion is not automatic, the company’s eligibility now places the decision in the hands of the S&P Dow Jones Indices committee. The committee has discretion over timing and selection, but Strategy’s consistent profitability positions it as a candidate for the September rebalance.
If admitted, Strategy would become the first bitcoin-treasury company to join the S&P 500. This would represent a milestone in the integration of digital assets into U.S. equities. Analysts have suggested the move could strengthen bitcoin’s standing within mainstream financial markets, though uncertainty remains. Whether the committee wants to make that step in September is the real question.
