Strategy's Bitcoin Holdings Drive Q2 Growth, Nears S&P 500 Inclusion

Strategy, a Bitcoin accumulator, has met all criteria for potential inclusion in the S&P 500 index, with a record Q2 performance of $14B operating profit, $10B net income, and a 25.4% BTC yield YTD. The company holds 632,457 BTC and raised its 2025 guidance. S&P 500 inclusion could mark a milestone for digital assets in traditional markets.

Bitcoin accumulator Strategy has officially met all criteria for potential inclusion in the S&P 500 index, marking a significant milestone for digital assets in traditional markets. According to CoinDesk, citing S&P Dow Jones Indices, the committee's decision could arrive as early as September [1].

In Q2 2025, Strategy reported one of its strongest results ever, with $14 billion in operating profit and $10 billion in net income, corresponding to $32.6 per share (diluted EPS) [1]. The company's revenue increased by 2.7% year-over-year, with subscription revenue surging nearly 70%. Management has raised its 2025 guidance to $34 billion in operating income, $24 billion in net income, and $80 per share EPS, assuming Bitcoin hits $150,000 by year-end [1].

As of September 1, Strategy held 632,457 BTC on its balance sheet and posted a BTC yield of 25.4% year-to-date. New fair value accounting standards, introduced in January 2025, allowed the company to recognize unrealized gains from digital assets, contributing to its sharp growth as Bitcoin traded above $100,000 in Q2 [1].

Strategy already meets all formal requirements for S&P 500 inclusion, including listing in the USA, a market capitalization well above $8.2 billion, an average daily trading volume over 250,000 shares, more than 50% of shares in free float, and positive financial results for the last quarter and trailing 12 months [1]. The earliest window for inclusion is the September rebalancing, with an expected announcement on September 5 and changes taking effect on September 19. If approved, Strategy would become the first Bitcoin-backed company in the S&P 500.

Separately, IREN stock surged over 12% in after-hours trading following stellar quarterly earnings. The mining giant posted $187.3 million in revenue and net income reaching $176.9 million. The company achieved $1 billion in annualized Bitcoin mining revenue under current market conditions [2]. IREN's dual strategy, combining Bitcoin mining with AI cloud services, is paying dividends, with the British Columbia site leading the transition to GPU-based mining for AI applications [2].

References:
[1] https://coinpaper.com/10821/strategy-could-become-first-bitcoin-backed-s-and-p-500-company
[2] https://coinmarketcap.com/academy/article/iren-hits-dollar1b-bitcoin-mining-revenue-milestone