Michael Saylor’s bitcoin Treasury Strategy (MSTR) is exploring credit securities opportunities in international jurisdictions as it seeks to become the leading global credit issuer.
“We are also actively laying the groundwork for credit securities in international jurisdictions, positioning Strategy to become a dominant credit issuer globally,” Phong Le, president and CEO, said during the company’s third-quarter earnings conference call Thursday.
The move underscores Strategy’s ambition to expand its financial footprint beyond the United States and position itself as a leader in other markets for bitcoin-backed and digital asset-based credit instruments.
Strategy reported third-quarter operating income and net income of $3.9 billion and $2.9 billion, respectively. These losses compare to losses of $432.6 million and $340.2 million for the same quarter last year. Earnings per share were $8.42, compared to $1.72 in the third quarter of 2024.
For the first nine months of 2025, Strategy’s operating profit came in at $12 billion, up from a loss of $0.8 billion a year earlier, while net income rose to $8.6 billion from $0.5 billion and earnings per share jumped to $27.71 from -$2.71.
The company has $689 million in annual dividend and interest obligations, including $522 million from cumulative liens ($124 million STRF, $111 million STRK, $294 million STRC) and $125 million from non-cumulative STRDs.
The convertible bonds total $8.2 billion in notional value with a blended interest rate of 0.421%, which translates to approximately $35 million in annual interest, and 39% of this debt is in-the-money while the 2029 and 2030 zero-coupon tranches remain out-of-the-money ($5 billion) until their sale dates in 2028; these notes collectively have a market value of $10.6 billion.
CEO Phong Le reaffirmed the goal of having no convertible debt by 2029, a point noted by S&P in Strategy’s credit rating, giving the company a B- credit rating.
Executive Chairman Michael Saylor noted that the company’s multiple of net asset value (mNAV) is around 1.25, its lowest level since early 2024. Saylor attributes this compression to a number of factors such as the maturation of the Bitcoin market with reduced volatility, the success of IBIT, and the growing influence of derivatives that mitigate volatility, although Saylor expects the expansion of digital credit via Preferred stock increases mNAV over time.
Strategy has raised $20 billion since the start of the year across six different securities (common stock, perpetual preferred stock and convertible debt), almost equal to the $22.6 billion raised in 2024.
On the regulatory side, the company clarified that under interim Treasury and IRS guidance issued on September 30, it does not expect to be subject to the alternative minimum corporate tax on unrealized bitcoin gains.
For the second consecutive quarter, Strategy (MSTR) qualified for possible inclusion in the S&P 500.
MSTR shares are up 6% premarket to $270 per share.
