MicroStrategy, rebranded as Strategy (MSTR), has officially qualified for possible entry into the S&P 500 following a record-breaking second quarter that showcased both surging profitability and expanding bitcoin holdings.

The company reported $14 billion in operating income and $10 billion in net income for Q2 2025, equal to $32.6 in diluted earnings per share. Revenue rose modestly to $114.5 million, up 2.7% year-over-year, with subscription services climbing nearly 70%.

The results represent a stark reversal from earlier years when bitcoin-related impairment charges dragged down earnings. New fair-value accounting rules adopted in January 2025 enabled Strategy to recognize unrealized gains on its bitcoin (BTC $109,069.16) reserves, which traded above $100,000 during the quarter. That shift fueled substantial paper gains and lifted profitability.

As of June 30, the company held 597,325 BTC and reported a year-to-date BTC Yield of 19.7%, a metric tracking changes in bitcoin per share outstanding. Management raised its full-year 2025 outlook to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, based on an assumed year-end bitcoin price of $150,000.

With profitability and scale now firmly in place, Strategy meets all S&P 500 eligibility requirements, including U.S. listing, market capitalization well above $8.2 billion, sufficient trading liquidity, majority public float, and positive earnings both in the most recent quarter and on a trailing twelve-month basis.

The S&P Dow Jones Indices committee will announce its September rebalance decisions on Sept. 5, with changes effective Sept. 19. While inclusion remains discretionary, Strategy’s qualification highlights bitcoin’s growing role in U.S. equity markets.

If added, Strategy would become the first bitcoin-treasury company included in the benchmark index, marking a milestone in the integration of digital assets into traditional finance.