Strategy Shocks Wall Street With 46,671% EPS Beat Fueled By Bitcoin Treasury Strategy
Strategy (MSTR) shocks Wall Street with a 46,671% EPS beat in Q2, powered by its aggressive Bitcoin Treasury strategy redefining corporate finance.
Strategy (formerly MicroStrategy) delivered a second-quarter earnings call that demonstrated more than financial results; it revealed a robust and deliberate treasury architecture designed to make Bitcoin the centerpiece of shareholder value creation. The call was dense with insight into how a public company can re-engineer its balance sheet, capital structure, and market signaling to outperform traditional fiat-based treasuries.
Q2 2025 Highlights
- 628,791 BTC in reserves, over 10x larger than the next corporate holder, at an average cost of $73,277 per BTC.
- 25% Bitcoin Yield YTD, outpacing Bitcoin’s own appreciation.
- EPS of $32.60, beating expectations by 46,671% and up 5,819% YoY.
- Forecasted 2025 net income of $24B (#13 S&P 500) while trading at just 4.7x earnings (#495) with a #96 market cap rank.
Despite these extraordinary results, Strategy continues to trade like a mid-tier software firm. Markets still fail to fully value its transformation into the world’s largest Bitcoin treasury company—a message it is sending directly to the S&P 500 committee with these numbers.

Bitcoin Per Share: A Real Treasury Performance Metric
Bitcoin per share (BPS) is now Strategy’s defining KPI, and its growth tells a story that fiat accounting metrics cannot. A 25% increase in BPS year-to-date means every shareholder owns materially more Bitcoin exposure than they did six months ago. This was achieved through disciplined capital issuance, aggressive Bitcoin acquisition, and a refined playbook that compounds exposure over time.
For executives, this shifts the conversation around treasury entirely: the metric of success is no longer how much fiat sits idle or earns negative real returns, but how effectively balance sheet capital can be converted into the world’s scarcest monetary asset.
Preferred Stock: Fiat Liabilities, Bitcoin Assets, Structural Advantage
Strategy’s suite of preferred securities (STRK, STRF, STRD, STRC) continues to set new standards for capital market engineering. STRC, which Michael Saylor described as “our iPhone moment,” is designed to open the door to a wider investor base seeking yield and stability.
The long-term advantage of these instruments is profound:
- Dividends are fiat-denominated and fixed.
- Proceeds are converted to Bitcoin immediately, appreciating over time.
- Even with an 80% Bitcoin drawdown, preferred dividends remain safe, showcasing resilience under extreme stress scenarios.
This model exploits the mismatch between fiat liabilities and Bitcoin-denominated assets, stacking odds in favor of long-term accretive growth. It creates a structural advantage that strengthens Strategy’s balance sheet every time a preferred offering closes.
Key takeaway for CFOs:
Preferred securities are not just funding tools—they can be designed to asymmetrically benefit shareholders when tied to Bitcoin, with liabilities locked in fiat and assets compounding in a harder currency.
Common Stock ATM Guidance: A Trust Signal to Investors
Strategy introduced mNAV-based ATM thresholds, giving shareholders unprecedented clarity on when equity issuance will occur:
- Below 2.5x mNAV: No issuance except for debt service or preferred dividends.
- 2.5x – 4.0x: Opportunistic issuance for Bitcoin accumulation.
- Above 4.0x: Active issuance to accelerate accumulation.
This guidance turns a historically contentious topic—dilution—into a predictable, rules-based process directly tied to Bitcoin per share growth. It signals that management will not arbitrarily issue stock, aligning long-term shareholder interests with treasury expansion goals.
For executives, this demonstrates how transparency transforms capital strategy into a competitive advantage, earning market trust and reducing friction around equity programs.
Capital Markets as a Bitcoin Refinery
In Q2, Strategy raised $6.8B, followed by $3.7B in July, including STRC’s landmark IPO. This funding pipeline converts market demand for securities into Bitcoin holdings at scale, unconstrained by free cash flow limitations.
This approach demonstrates that capital structure is no longer static; it can be a living system designed to channel investor appetite into treasury performance, compounding exposure to Bitcoin quarter after quarter.
For CFOs and boards, this illustrates how corporate finance can evolve from static balance sheet preservation into active balance sheet engineering, leveraging market mechanisms to accumulate superior assets.
The Broader Picture: Redefining Treasury Standards
Strategy’s Q2 results put traditional fiat treasuries on notice:
- Idle reserves are a liability when compared to engineered Bitcoin exposure.
- Tailored securities can unlock entirely new pools of capital for treasury growth.
- Transparent frameworks for issuance build durable investor trust.
This quarter, Strategy didn’t just report numbers—it demonstrated a replicable model that rewrites the standards for corporate treasury management in a Bitcoin-native world. Companies that fail to study and adapt this model risk structural underperformance in attracting capital, retaining shareholder confidence, and preserving long-term value.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities.