Strategy reported $3.89 billion in unrealized gains on Bitcoin (BTC) during the third quarter of 2025, propelling the company to surpass Coinbase’s market cap.
The company’s holdings surpassed $80 billion in value for the first time as Bitcoin trades above $125,000. As of press time, bitcoin traded at $125,420.83, valuing the company’s digital asset portfolio at approximately $80.26 billion based on current market prices.
Strategy held $73.21 billion in Bitcoin carrying value on its balance sheet as of Sept. 30, with a related deferred tax liability of $7.43 billion. As a result, the current holdings are already over $7 billion larger less than one week after the tally.
As of Oct. 6, Strategy holds 640,031 BTC acquired at an aggregate purchase price of $47.35 billion with an average cost basis of $73,983 per BTC.
The company recorded an unrealized gain of $3.89 billion during the quarter ended Sept. 30, partially offset by a deferred tax expense of $1.12 billion.
Strategy adopted Accounting Standards Update No. 2023-08, effective Jan. 1, which requires the company to recognize increases or decreases in the fair value of digital assets in its consolidated statements of operations for each reporting period.
The company acquired 42,706 BTC during the third quarter at an aggregate purchase price of $4.95 billion with an average purchase price of $115,959 per BTC.
Strategy funded these purchases using net proceeds from multiple at-the-market equity offerings, including $2.07 billion from its class A common stock program, $2.47 billion from an underwritten offering of its STRC preferred stock, and smaller amounts from its STRF, STRK, and STRD preferred stock programs.
Strategy’s outstanding indebtedness totaled $8.24 billion as of Sept. 30, including $8.20 billion in convertible notes across six different series maturing between 2028 and 2032.
The company’s annual contractual interest expense on its convertible debt was $36.8 million, while its yearly dividends on preferred stock totaled $638.7 million.
Additionally, Strategy’s MSTR shares traded at $358.13 as of press time, making it the 105th largest publicly traded company in the US with a market capitalization surpassing $101 billion as of Oct. 6.
Coinbase ranks 108th among US public companies, with a market capitalization of over $99 billion.
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