Strategy Inc. (MicroStrategy) reported a massive $3.9 billion unrealized gain on its Bitcoin holdings for the third quarter of 2025, yet simultaneously paused its weekly Bitcoin purchases for the first time since April. This move highlights a significant moment of active balance sheet management by the world’s largest corporate Bitcoin holder.
A Quarter of Substantial Paper Gains
The company’s recent financial disclosures underscore the success of its long-term strategy. For Q3 2025, Strategy reported an unrealized gain of $3.89 billion on its digital assets. The carrying value of its Bitcoin portfolio was stated at $73.21 billion as of September 30, 2025.
This accounting follows the adoption of a new accounting standard (ASU 2023-08), which notably increased the company’s retained earnings by $12.7 billion. It is crucial for investors to understand that these are non-cash gains. The filing explicitly notes that such gains “do not necessarily improve liquidity”, and the company has experienced negative operating cash flow in periods with significant unrealized gains.
The Strategic Purchase Pause
In a move that captured market attention, Strategy’s Executive Chairman Michael Saylor announced the company would not make its routine Bitcoin purchase this week, the first such pause since April. Saylor framed this not as a change in strategy, but as a milestone, stating on X: “No new orange dots this week — just a $9 billion reminder of why we HODL”.
The company’s Bitcoin holdings now stand at 640,031 BTC, acquired for a total of $47.35 billion at an average price of $73,983 per coin. With Bitcoin’s price recently reaching new all-time highs around $125,000, the total value of its stash is approximately $79 billion, representing massive unrealized profits. This pause allows the company to highlight these returns and demonstrates a disciplined, patient approach to navigating market cycles.
Market Implications and the Road Ahead
Strategy’s actions have tangible consequences for the broader market. Its consistent weekly purchases had become a visible source of institutional demand, and their absence can remove a layer of upward pressure on liquidity. For other corporate treasuries that have followed Strategy’s lead, this pause may prompt a reassessment of their own purchase rhythms and timing.
Looking forward, the market will closely watch two key data points: when Strategy’s weekly buys resume and the progress of its potential $4.2 billion capital raise through a STRD preferred share sale. These factors will be critical in determining whether this pause is a brief operational interlude or signals a more nuanced approach to future accumulation.
