MicroStrategy, now branded as Strategy (MSTR), has reached a pivotal point by qualifying for potential inclusion in the S&P 500 after experiencing one of its best financial quarters to date.

In the second quarter of 2025, the company announced $14 billion in operating income and $10 billion in net income, which translates to $32.6 in diluted earnings per share. The quarterly revenue was reported at $114.5 million, a moderate 2.7% increase year-over-year, with subscription services surging nearly 70%.

Highlights:

• Reported $14 billion operating income, $10 billion net income, and $114.5 million revenue for Q2 2025.
• As of June 30, held 597,325 BTC and achieved a 19.7% BTC Yield year-to-date, indicating strong bitcoin growth.

Previously, the company had faced substantial impairment charges linked to bitcoin prices, which depressed earnings. However, changes to accounting standards in January 2025 allowed Strategy to recognize potential gains from its bitcoin assets, significantly enhancing profitability. With bitcoin prices surpassing $100,000 during the period, the company experienced considerable gains on paper.

By June 30, Strategy’s bitcoin holdings totaled 597,325. The BTC Yield for this period was 19.7%, reflecting a strong performance metric measure.

Management has raised forecasts for the full year 2025 to include $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, projecting that the bitcoin price will max out at $150,000.

In line with these developments, Strategy now meets all criteria for S&P 500 inclusion: a U.S. listing, a market cap well over the $8.2 billion threshold, daily trading volumes exceeding 250,000 shares, and positive earnings both recently and on a trailing twelve-month basis.

The next opportunity for inclusion is anticipated during the September 2025 rebalance, with announcements expected on September 5 with effects commencing from September 19. While the S&P Dow Jones Indices committee maintains discretion, Strategy’s qualification emphasizes the increasing influence of bitcoin in conventional financial markets.

Should it be admitted, it would become the first company with a treasury of bitcoin included in the benchmark index, marking a significant milestone in the incorporation of digital assets into U.S. equities.