Strategy (MSTR), the largest corporate holder of bitcoin, reported net income of $2.8 billion, or EPS of $8.42 for the third quarter of 2025.

Led by Executive Chairman Michael Saylor, the company continued to execute its aggressive bitcoin accumulation strategy. Fueled by proceeds from common and preferred stock issuances, Strategy increased its holdings to 640,031 BTC by the end of September from 597,325 at the beginning of the quarter (October purchases have since brought the company stack to 640,808).

The third quarter profit came thanks to a rise in the price of bitcoin from roughly $107,000 at the beginning of July to about $114,000 at the end of September. Investors, however, weren’t so kind to MSTR, which saw about a 14% decline in share price over those three months as the market cap premium over the value of its bitcoin holdings fell sharply (the mNAV).

It’s a tumble that’s accelerated during October, with shares plunging another 20% this month, including a 7.5% drop today alongside bitcoin’s return to below $107,000.

Read more: Michael Saylor’s Strategy Drops $18B in Value, but a Rebound May Be Near: 10X Research

The company’s so-called bitcoin yield year-to-date is 26% and the firm reiterated guidance for full year bitcoin yield of 30% and net income of $24 billion, or $80 per share, based on its BTC price outlook of $150,000.

Strategy also re-included common stock ATM guidance at which it promised not to sell common shares when the mNAV falls below 2.5x. The company earlier this year had this guidance, but then pulled it, causing some consternation among shareholders.

MSTR’s recent sharp share price decline relative to bitcoin has left its mNAV barely above 1, meaning common stock issuance is likely off the table for the foreseeable future.

Shares are up 3.3% in after hours trading with the earnings call beginning at 5 pm ET.