Strategy (MSTR), formerly MicroStrategy, has cleared all requirements for possible inclusion in the S&P 500 after delivering one of its strongest quarters ever. The company reported $14 billion in operating income and $10 billion in net income for Q2 2025, with $32.6 in diluted EPS. Revenue rose modestly to $114.5 million, while subscription services jumped nearly 70%.

The turnaround follows a shift to fair-value accounting in January, which let Strategy recognize gains on its bitcoin holdings. With BTC trading above $100,000 during the quarter, the firm booked massive paper profits, lifting its balance sheet. As of June 30, Strategy held 597,325 bitcoin, highlighting a year-to-date BTC Yield of 19.7%. Management boosted its 2025 outlook to $34 billion in operating income, $24 billion in net income, and $80 in EPS, assuming bitcoin hits $150,000 by year-end.

If admitted in the September 2025 rebalance, Strategy would become the first bitcoin-treasury company in the benchmark index. The milestone would mark a historic step in integrating digital assets into U.S. equity markets.