How MicroStratea Posts Record Revenues in Q3 2025

If Bitcoin reaches $119,000 by the end of August, MicroStrategy’s third quarter revenue could set a new record of the highest quarter financial history of a publicly traded company. This impressive figure will easily earn Nvidia’s revenue and will approach Apple’s record.

The widespread coverage of Bitcoin encourages the question of whether key players will adopt strategy plans in their books. According to Brickken analyst Enmanuel Cardozo, it depends. The current outcomes of the strategy are impressive, but the quality of its long-term health is being raised in question.

Can MicroStrategy’s Bitcoin win the top technology giant?

Michael Saylor’s aggressive Bitcoin plan for strategy (formerly micro-tactics) continues to be stronger through the sun and rain. For now, it shows no signs of slowing down. With 592,100 bitcoins on its balance sheet, the strategy is the world’s largest corporate holder.

As Bitcoin prices continue to rise, so does the overall revenue of the strategy. This massive success has led to several publicly traded companies following them. The question is whether other giants will also make a leap to buy Bitcoin.

If Bitcoin closes Q3 above $119,000 and the strategy acquires 592,100 Bitcoin with an average cost of $70,666 each, the strategy’s estimated quarterly net profit is about $285.9 billion.

This figure exceeds NVIDIA’s highest quarterly net income of $22091 billion, making it a significant outlier among the IT strategy’s largest quarterly revenue and many stock-traded tech companies.

The strategy directly reflects these profits in net profits, as they account for fair value for Bitcoin. If Bitcoin prices continue to rise above this level, the strategy’s revenue could challenge Apple’s current record-set quarterly net profit of $36.333 billion.

Can this unprecedented success create a fear of missing out among other competitors?

Whether to buy or not

Cardozo has expressed excitement about how such a scenario could generate further adoption of Bitcoin by pioneers of other companies.

“With the holding of 592,100 BTC (of strategy), other companies may feel the need to jump in at the end, especially as strategy performance outperforms traditional metrics. Such successes will not be noticed and will ultimately push the board to at least explore Bitcoin,” he told Beincrypto.

Some of the benefits of Bitcoin over assets can even appeal to large revenue companies such as Nvidia and Apple.

“There are solid cases where tech giants like Apple and Nvidia diversify into Bitcoin. I love the possibilities here. On the pros, Bitcoin is built as a complete hedge against Fiat’s devaluation due to limited supply and decentralisation properties,” Cardozo added.

However, playbooks like Strategy’s come with a lot of risk, and it’s not a one-size-fits-all victory for the strategy itself.

Strategic Financial Health: Deep Diving

The strategy has earned significant benefits from holding Bitcoin, but these benefits are primarily due to tax advantages, not from its core business operations.

“These profits driven by fair value accounting aren’t holding hands like Apple’s billions of dollars from iPhone sales. They are paper profits related to Bitcoin prices. Investors and analysts should see this as a speculative boost rather than a sign of operational strength,” Cardozo explained.

Effectively compare the net profit of a strategy with other characteristics such as cash flow and liabilities We will reveal more about issues that could be ahead of the company, especially if Bitcoin prices drop steadily..

According to the company’s latest SEC filing, the strategy reported that its outstanding debt reached $8.22 billion as of March 2025. It also had negative cash flow of $2 million, a significant decline from the previous year.

These numbers make sense considering the strategy’s aggressive Bitcoin purchases, but also show that the company’s core software business is not generating enough cash to cover the costs. The strategy said so in itself in its latest submission.

“A significant reduction in Bitcoin Holdings’ market value could negatively affect our ability to meet our financial obligations,” read the statement.

Debt and new equity must be issued to raise capital to continue the strategy. Planning is dangerous to say the least.

Is Bitcoin suitable for all companies?

Given that the main revenue of the strategy comes from Bitcoin purchases, Cardozo argues that it needs to carefully consider its financial position before other companies take a similar approach.

“Analysts need to weigh this against operational metrics. Companies living in unrealized profits are inherently risky. I think that’s an innovative strategy, but especially for traditional businesses, they should always beat the profits of paper from cash-generating businesses,” he said.

But just as Bitcoin is increasingly symbolic of technological innovation, companies that follow this principle may feel pressured to embrace it. To make such a statement, you don’t need to get nearly 600,000 bitcoins like the strategy.

They also have enough treasure troves to break down.

“We are quite confident that Apple and Nvidia will ultimately invest in Bitcoin, especially with our current track record over the past decade,” Cardozo said.

But ultimately, companies like Apple and Nvidia are serving a wide range of customers. Adding Bitcoin to your balance sheet can lead to client loss.

Bitcoin Adapter Sustainability Questions

It is no secret that Bitcoin mining is causing widespread damage to the environment. The strategy directly contributes to the high energy consumption levels associated with the industry through the acquisition of Bitcoin.

“Bitcoin’s annual energy consumption is comparable to medium-sized countries, and of course, it is in immediate conflict with Apple’s 2030 carbon neutrality target and Nvidia’s promotion of renewable energy,” Cardozo told Beincrypto.

These companies risk damaging public image by being associated with industries that conflict with their own environmental, social, and governance (ESG) goals.

“Customers and activists may consider them greenwashing, especially as sustainability is a big part of their public image, and put pressure on them… They can align Bitcoin with ESG goals and keep their image unharmed as Bitcoin mining becomes more sustainable than traditional bank legacy systems,” Cardozo added.

Ultimately, the appeal of Bitcoin’s profits may pressure tech giants like Apple and Nvidia to follow the strategy lead, but such considerations can cause more problems than profits.