Strategy Bitcoin valuation: $3.9B fair value gain and $63.9B ATM capacity

Strategy Bitcoin valuation is under scrutiny after the company reported a $3.9 billion unrealized fair value gain in Q3 2025, highlighting effects on its digital asset carrying value and deferred tax profile.

What drove Strategy’s bitcoin fair value gain?

Strategy’s Q3 uplift stemmed from a rally in Bitcoin’s market price. The company disclosed a $3.9 billion fair value gain and a related $1.12 billion deferred tax expense, showing both market and accounting effects. The filing also noted that no new shares were sold during the period and that net proceeds were presented net of commissions.

How large are Strategy bitcoin holdings and the company’s digital asset carrying value?

According to the Form 8-K, Strategy held 640,031 BTC as of October 5, 2025, with an aggregate fair value of $47.35 billion. The firm reported a digital asset carrying value of $73.21 billion on its balance sheet as of September 30, 2025. Notably, Strategy did not purchase additional Bitcoin between September 29 and October 5, 2025.

What does mstr bitcoin valuation tell investors?

Strategy’s average purchase price across all holdings remained $73,983 per BTC. Thus, the unrealized gain reflects the gap between historical cost and current market value. For investors, this underscores sensitivity to Bitcoin price swings and potential liquidity impacts when large holders rebalance.

How significant is the deferred tax liability bitcoin position?

Strategy disclosed a $7.43 billion deferred tax liability tied to its crypto exposure. This liability can mute net equity benefits from unrealized gains under accounting rules. In practice, corporate treasury teams run scenario models for deferred tax under multiple price paths and consider hedging, tax planning or equity funding to manage liquidity without selling large Bitcoin positions.

What are the ATM preferred stock programs and implications of any MSTR Class A issuance?

The Form 8-K details multiple at-the-market programs across preferred and common stock tickers: STRF, STRC, STRK, STRD and MSTR. Collectively, Strategy had about $63.9 billion available for future issuance as of October 5, 2025. The filing breaks the pools down as follows:

• $2.1B — Series A Perpetual Strife Preferred (STRF)
• $4.2B — Variable Rate Series A Perpetual Stretch Preferred (STRC)
• $21B — 8% Series A Perpetual Strike Preferred (STRK)
• $4.2B — Series A Perpetual Stride Preferred (STRD)
• $21B — Class A common stock capacity (MSTR)
  

Why do these equity programs matter now?

Equity capacity provides Strategy with levers to raise capital without liquidating Bitcoin. Therefore, atm preferred stock programs and potential mstr class a issuance preserve optionality. That said, the company reported no share sales during the period, so the pools remain available if management chooses to act.