Strategy Positions Bitcoin Holdings at the Core of Global Credit Strategy

Strategy is turning its sights beyond domestic borders and exploring global credit-securities issuance to broaden its footprint as a major digital-asset credit player.

According the information the company reported a sharp turnaround this year, posting roughly $12 billion in operating income and $8.6 billion in net income over the first nine months of 2025 – far ahead of last year’s losses.

During its third-quarter earnings call, CEO Phong Le said the firm is “actively laying the groundwork for credit securities in international jurisdictions,” marking a strategic move toward becoming a global credit issuer backed by bitcoin-related assets.

The company also reaffirmed a goal of eliminating its convertible debt by 2029, an important step toward improving its credit rating.

A Strategic Turnaround and Capital Strategy

MicroStrategy has reversed its fortunes: in Q3 2025 it posted operating income of approx. $3.9 billion and net income around $2.9 billion, compared with significant losses in the same quarter of the previous year.

For the first nine months, the company recorded EPS of $27.71 – up from –$2.71 in 2024. It also carries a convertible bond portfolio of $8.2 billion, with blended interest near 0.421%.

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The firm has raised about $20 billion so far this year across equity, preferred shares and debt, nearly matching the $22.6 billion raised throughout 2024.

Digital Assets and Credit Issuance: The New Frontier

With its maturing bitcoin treasury business, MicroStrategy is now pivoting to use its digital-asset position as a foundation for credit-securities issuance – possibly tied to digital asset holdings or bitcoin-backed instruments. Executive Chairman Michael Saylor believes this will boost the company’s multiple to net-asset value, which currently sits around 1.25, and help address growing interest in tokenised finance and institutional participation.