Strategy Eyes Global Credit Expansion With Focus on International Markets

Why It Matters

The pivot from a bitcoin treasury to a global credit issuer strengthens Strategy’s balance sheet, broadens its investor base and could cement its place in the S&P 500, signaling deeper integration of crypto‑linked assets into mainstream capital markets.

Summary

Strategy (MSTR) reported record operating income of $12 billion and net income of $8.6 billion for the first nine months of 2025, delivering earnings per share of $27.71 and reversing last year’s losses. CEO Phong Le reaffirmed a plan to retire all convertible debt by 2029 while pursuing a global digital‑credit expansion, including new credit‑securities offerings in international jurisdictions. The firm qualified for potential S&P 500 inclusion for the second straight quarter and has raised $20 billion year‑to‑date across multiple securities, while confirming it will not face the Corporate Alternative Minimum Tax on unrealized bitcoin gains.