Despite a drop from its record-breaking second quarter, Strategy reported a $2.8 billion profit that surpassed analyst expectations, lifting its shares nearly 6% in after-hours trading. The firm added over 42,000 BTC during the quarter, bringing its total holdings to 640,808 BTC. With a bullish year-end outlook, Strategy aims for a 30% Bitcoin yield and anticipates that Bitcoin could reach $150,000 in the coming months. Strategy Rules Out Bitcoin Treasury Mergers Michael Saylor, the chairman of Strategy, made it clear that the company has no immediate plans to acquire other Bitcoin treasury firms, despite growing speculation that consolidation may soon sweep through the sector. During Strategy’s third-quarter earnings call on Thursday, Saylor told investors that while mergers and acquisitions may seem appealing on paper, they often bring long and uncertain processes that can easily derail even promising ideas. “Generally, we don’t have any plans to pursue M&A activity, even if it would look to be potentially accretive,” he said, and explained that these deals tend to stretch out for months and can lose their strategic value over time. Analysts recently suggested that as the number of Bitcoin treasury companies grows, acquisitions may become a necessary strategy for survival and differentiation. The first such merger in the space was announced in late September, when Strive revealed its plan to acquire Semler Scientific in an all-stock deal that would give the combined company 11,006 BTC—placing it just behind Tesla among corporate Bitcoin holders. Strategy, on the other hand, still has a very commanding lead with 640,808 BTC , the largest holdings of any public company. Top Bitcoin treasury companies (Source: BitcoinTreasuries.NET ) While Saylor’s comments suggest a more cautious approach, he didn’t completely close the door on potential deals, saying that Strategy’s plan is focused on strengthening its balance sheet, selling digital credit, and accumulating more Bitcoin. “I don’t think we would ever say ‘never,’” he said, as the company will continue to act in the best interest of its investors. Strategy CEO Phong Le added that M&A deals—even within software, the firm’s core business—are notoriously complex and can hide unforeseen risks. Both executives agreed that Strategy’s existing model, which is built around transparent and high-speed digital transactions, offers a major advantage. Saylor argued that this predictability helps investors easily assess whether each Bitcoin purchase is accretive or dilutive. Despite a recent “B-” rating from S&P Global , the company is still confident in its strategy, and hopes that Bitcoin will eventually be recognized as a legitimate capital asset in future credit evaluations. Strategy Shares Jump After Q3 Profit Meanwhile, shares in Strategy rose by almost 6% in after-hours trading after the Bitcoin treasury company posted a third-quarter net income of $2.8 billion. This surpassed analyst expectations despite a decline from its record-breaking second quarter. The firm reported diluted earnings per share of $8.42 for the quarter ending Sept. 30, beating Wall Street estimates of $8.15. Although profits were lower than the previous quarter’s $10 billion, they were still a sharp turnaround from the $340.2 million loss that was reported during the same period last year. Strategy’s stock (MSTR) jumped 5.7% to over $269 in after-hours trading after closing Thursday’s session down more than 7.5% at $254.57, its lowest level in more than six months. The firm’s performance is b very closely tied to Bitcoin’s price action, as it holds the largest Bitcoin treasury among public companies. Bitcoin’s 6.5% rise over the quarter provided a boost to Strategy’s results, even though the cryptocurrency has since pulled back by 1.7% over the past 24 hours, recovering to around $108,500. Strategy’s stock price over the past 24 hours (Source: Google Finance ) Despite recent market volatility, Strategy still has a bullish outlook for the remainder of the year. The company said its Bitcoin yield reached 26% so far in 2025, representing an unrealized gain of roughly $13 billion, and maintained its target of achieving a 30% yield by year’s end. That projection is based on its internal estimate that Bitcoin could reach $150,000 in the next few months. During the third quarter, Strategy added another 42,706 BTC to its holdings, bringing its total to 640,031 BTC by the end of September. Since then, the firm continued to accumulate, reaching 640,808 BTC on Sunday. Strategy’s mNAV analysis (Source: SaylorTracker ) According to Strategy, its total Bitcoin stash was acquired at an average price of $74,032 per coin. However, the recent decline in both Bitcoin and Strategy’s share price has weighed on its market net asset value multiple, which dropped to 1.05x from a peak of 3.89x in November.