Strategy Reports $3.9B in Bitcoin Fair Value Appreciation in Q3 2025

Core Insights - Strategy Inc. reported a $3.9 billion unrealized gain on its digital asset holdings in Q3 2025, attributed to the rise in Bitcoin's market price [1][3] - The company's total Bitcoin holdings amounted to 640,031 BTC, with a fair value of $47.35 billion as of October 5 [1][2] - Strategy's average purchase price for Bitcoin holdings was $73,983 per BTC, with a carrying value of $73.21 billion on its balance sheet as of September 30 [2][6] Bitcoin Holdings and Valuation - No new Bitcoin purchases were made during the reporting period from September 29 to October 5 [2] - The $3.9 billion fair value appreciation is one of the largest quarterly unrealized gains for the company, alongside a $1.12 billion deferred tax expense related to its digital asset exposure [3] ATM and Preferred Stock Programs - Strategy has extensive at-the-market (ATM) equity programs, representing tens of billions in potential capital issuance [4] - As of October 5, the company had approximately $63.9 billion available for future issuance under these programs, including various preferred stocks and Class A common stock [5] Financial Position - As of the end of Q3 2025, the digital asset carrying value was reported at $73.21 billion, with a deferred tax liability of $7.43 billion [6] - The financial information was prepared internally and reviewed by KPMG LLP, reinforcing the company's position as a major institutional holder of Bitcoin [7]