S&P 500 Inclusion in Play as Strategy Clears Requirements, Verdict Due Friday

Strategy (MSTR), formerly MicroStrategy, has met all requirements for S&P 500 inclusion after reporting one of the most profitable quarters in its history, supported by bitcoin-driven gains.

In Q2 2025, the company posted $14 billion in operating income and $10 billion in net income, or $32.6 per diluted share. Revenue rose 2.7% year-over-year to $114.5 million, led by nearly 70% growth in subscription services.

The adoption of fair-value accounting in January allowed Strategy to recognize unrealized gains on its 597,325 bitcoin (BTC $109,069.16). With prices above $100,000 during the quarter, paper gains powered a sharp turnaround from prior impairment-driven losses. Year-to-date, Strategy recorded a 19.7% BTC Yield.

Management now guides for $34 billion in operating income, $24 billion in net income, and $80 in EPS for 2025, assuming bitcoin ends the year at $150,000.

Having achieved consistent profitability, large-scale market cap, liquidity, and float requirements, Strategy now qualifies for the S&P 500. The index committee will announce its rebalance decision on Sept. 5, with changes effective Sept. 19.

If admitted, Strategy would be the first bitcoin-treasury firm in the index, marking a milestone for digital assets’ integration into U.S. equity markets.