S&P 500 Eligibility Reached, Inclusion Ruling May Arrive Friday

Strategy (MSTR), formerly MicroStrategy, has become eligible for potential inclusion in the S&P 500 after posting one of its strongest quarters to date, fueled by bitcoin gains and robust earnings.

In Q2 2025, the company reported $14 billion in operating income and $10 billion in net income, equal to $32.6 in diluted EPS. Revenue rose 2.7% year-over-year to $114.5 million, with subscription services surging nearly 70%.

The turnaround follows the adoption of fair-value accounting in January, which allowed Strategy to recognize unrealized gains on its 597,325 bitcoin (BTC $109,069.16). With BTC above $100,000 during the quarter, paper gains significantly boosted results. Year-to-date, the firm reported a 19.7% BTC Yield.

Management now projects full-year 2025 operating income of $34 billion, net income of $24 billion, and $80 in EPS, assuming bitcoin reaches $150,000 by year-end.

With profitability, scale, and liquidity confirmed, Strategy meets all S&P 500 inclusion criteria. The index committee is set to announce its September rebalance on Sept. 5, with changes effective Sept. 19. If added, Strategy would be the first bitcoin-treasury firm admitted to the benchmark index, underscoring digital assets’ deepening integration into U.S. equities.

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