MicroStrategy, known here as Strategy, has a 70% chance of joining the S&P 500 by year-end 2025, despite slowing Bitcoin purchases and fading investor sentiment, according to 10x Research. A strong Q3 earnings report on October 30 could trigger this inclusion, boosting its profile as the largest corporate Bitcoin holder.
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70% probability of S&P 500 inclusion by December 19, 2025, post-Q3 earnings.
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Strategy’s Bitcoin holdings could yield $3.8 billion in gains via fair-value accounting.
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Investor sentiment is low, but the upcoming earnings serve as a key catalyst amid market corrections.
Discover Strategy’s 70% shot at S&P 500 inclusion in 2025 despite Bitcoin slowdowns. Explore earnings impact, market NAV challenges, and liquidity trends. Stay ahead in crypto investments—read now for expert insights.
What Are the Chances of Strategy Joining the S&P 500 in 2025?
Strategy S&P 500 inclusion appears highly likely with a 70% probability by December 19, 2025, even as its stock price dips and Bitcoin acquisitions slow, per analysis from crypto intelligence firm 10x Research. The company’s third-quarter earnings, due October 30, are projected to show a $3.8 billion gain from fair-value accounting of its Bitcoin holdings. This profitable outcome could position Strategy for index addition, revitalizing investor interest in the world’s top corporate Bitcoin holder.
How Has the Slowdown in Bitcoin Purchases Affected Strategy’s Valuation?
The slowdown in Bitcoin buying has strained Strategy’s market net asset value (mNAV), pushing it below critical thresholds alongside other digital asset treasury firms. mNAV measures enterprise value against crypto holdings; ratios above 1 enable share issuance for asset accumulation, while below 1 hinders growth. Firms like Strategy, Bitmine, Metaplanet, Sharplink Gaming, Upexi, and DeFi Development Corp have all dipped under this level in 2025, limiting their ability to expand Bitcoin reserves amid broader market pressures. According to data from Standard Chartered, mNAVs for these entities have faced consistent declines since June. Expert analysis from 10x Research highlights that despite these challenges, Strategy’s position remains resilient, with upcoming earnings offering a pathway to recovery. “Capitulation always feels like the end—until it quietly marks the beginning,” notes the 10x Research report, emphasizing the potential for renewed momentum.
Investor sentiment toward Strategy remains subdued, described as “washed out” by 10x Research, yet the October 30 earnings release stands out as an obvious catalyst. This comes against a backdrop of a $19 billion market correction that has unwound much of the company’s NAV premium, leading to $18 billion in investor losses. Still, volatility trends suggest a shift, positioning the market for liquidity influx at this cycle stage.
Frequently Asked Questions
What Factors Could Influence Strategy’s S&P 500 Inclusion Decision in December 2025?
Strategy’s potential S&P 500 inclusion hinges on its Q3 2025 earnings performance, expected to report around $3.8 billion in Bitcoin-related gains. A profitable quarter would elevate its eligibility, with 10x Research estimating a 60%-70% success rate for the December 19 decision. Broader market recovery and sustained Bitcoin holdings will also play key roles in demonstrating financial stability to index criteria.
Why Has Strategy Slowed Its Bitcoin Purchases, and What Does It Mean for Investors?
Strategy acquired just 778 Bitcoin in October 2025, a 78% drop from September’s 3,526 BTC, due to mNAV pressures and funding constraints below the key threshold of 1. For investors, this signals caution amid volatility, but 10x Research views it as a cycle turning point where liquidity could return, potentially sparking outsized gains. It underscores the need to monitor earnings for signs of renewed accumulation strategies.
Key Takeaways
- High Inclusion Odds: Strategy faces a 70% chance of S&P 500 entry by year-end, driven by strong Q3 gains and despite current headwinds.
- mNAV Challenges: Multiple firms, including Strategy, struggle with ratios under 1, curbing Bitcoin buys but not derailing long-term potential per 10x Research.
- Cycle Shift Insight: Recent slowdowns align with crypto’s liquidity resurgence phase—investors should prepare for volatility and opportunities ahead.
Conclusion
In summary, Strategy S&P 500 inclusion in 2025 holds strong promise at 70%, bolstered by projected Bitcoin accounting gains and market cycle dynamics, even as slowdowns in purchases and mNAV strains persist. Insights from 10x Research and S&P Global Ratings underscore the firm’s pioneering role in corporate crypto adoption. As earnings approach, stakeholders should watch closely for catalysts that could propel Strategy forward, signaling broader acceptance of digital assets in traditional finance.
