Strategy Shares Trade at Unprecedented Discount to Bitcoin Holdings

Strategy Inc, once celebrated as a pioneering force in corporate Bitcoin adoption, is currently navigating its most severe market test. For the first time since early 2024, the company’s shares are trading below their calculated Bitcoin value, despite announcing record-breaking third-quarter profits. This divergence raises critical questions about investor confidence in the firm’s long-term strategy.

The Q3 2025 financial results presented what should have been a triumphant narrative: $2.8 billion in net profit and $3.9 billion in operating income—a dramatic reversal from the $432 million loss recorded during the same period last year. The company’s Bitcoin treasury expanded to 640,808 BTC, while annual projections remained optimistic, forecasting $24 billion in net profit and $80 earnings Read more...