MSTR Qualifies for S&P 500, Inclusion Decision Awaits Friday

MicroStrategy, now doing business as Strategy (MSTR), has officially qualified for potential inclusion in the S&P 500 after posting one of the strongest quarters in its history.

In the second quarter of 2025, the company reported $14 billion in operating income and $10 billion in net income, equal to $32.6 in diluted earnings per share. Quarterly revenue came in at $114.5 million, a modest 2.7% increase year-over-year, with subscription services rising nearly 70%.

The results mark a dramatic turnaround from prior years, when impairment charges tied to bitcoin BTC$108,352.54 depressed reported earnings. The adoption of new fair-value accounting standards in January 2025 allowed Strategy to recognize unrealized gains on its digital asset holdings, directly boosting profitability. With bitcoin trading above $100,000 during the period, the company booked massive paper gains that transformed its balance sheet.

As of June 30, Strategy held 597,325 bitcoin. The firm highlighted a BTC Yield of 19.7% year-to-date, a key performance indicator measuring the percentage change in the ratio between its bitcoin count and assumed diluted shares outstanding.

Management raised guidance for full-year 2025 to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, assuming a year-end bitcoin price of $150,000.

With consistent profitability now established, Strategy meets all S&P 500 requirements: U.S. listing, market capitalization far above the $8.2 billion threshold, daily trading volumes exceeding 250,000 shares, more than 50% public float, and positive earnings both in the latest quarter and on a trailing twelve-month basis.

The next potential window for inclusion is the September 2025 rebalance, with announcements expected Sept. 5 and changes taking effect Sept. 19. While the S&P Dow Jones Indices committee retains discretion, Strategy’s qualification underscores the growing role of bitcoin in mainstream financial markets.

If admitted, it would be the first bitcoin-treasury company to enter the benchmark index, symbolizing a landmark moment for the integration of digital assets into U.S. equities.

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