MicroStrategy (MSTR) has met the eligibility criteria for potential inclusion in the S&P 500 after reporting one of its strongest quarters to date. For the quarter ended June 30, 2025, the company recorded $14 billion in operating income and $10 billion in net income, translating to $32.60 in diluted earnings per share.
Quarterly revenue was $114.5 million, a 2.7% increase year over year, while subscription services revenue climbed nearly 70%. The turnaround stems largely from a change in accounting. After adopting new fair-value accounting standards in January 2025, MicroStrategy began recognizing unrealized gains on its digital-asset holdings, which materially boosted reported profitability.
With bitcoin trading above $100,000 during the quarter, the company reported substantial paper gains that reshaped its financial picture. As of June 30, MicroStrategy held 597,325 bitcoin. Management highlighted a “BTC Yield” of 19.7% year-to-date, an internal metric that measures the percentage change in the ratio between its bitcoin holdings and assumed diluted shares outstanding. Looking ahead, management raised full-year 2025 guidance to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, based on an assumed year-end bitcoin price of $150,000.
MicroStrategy now satisfies the standard S&P 500 requirements: a U.S. listing, market capitalization well above the $8.2 billion threshold, average daily trading volume exceeding 250,000 shares, public float greater than 50%, and positive earnings in the most recent quarter and on a trailing 12-month basis.
The next possible window for inclusion is the September 2025 rebalance cycle. S&P Dow Jones Indices is expected to announce changes on Sept.
5, with any index adjustments taking effect Sept. 19. The S&P committee retains final discretion, but MicroStrategy’s qualification highlights the expanding role of bitcoin within mainstream financial markets.
If admitted, MicroStrategy would be the first company with a substantial bitcoin treasury to enter the benchmark index, marking a notable step in the integration of digital assets into U.S. equity benchmarks.
