Michael Saylor’s bitcoin Treasury Strategy (MSTR) is exploring credit securities opportunities in international jurisdictions as part of its goal to become the dominant global credit issuer.
“We are also actively laying the foundation 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 on Thursday.
This move underlines Strategy’s ambition to expand its financial footprint beyond the United States and position itself as a leader in other markets for digital asset-based and bitcoin-backed credit instruments.
Strategy reported third-quarter operating and net income of $3.9 billion and $2.9 billion respectively. These compare with losses of $432.6 million and $340.2 million in the same quarter a year ago. 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 income was $12 billion compared to a loss of $800 million a year earlier, while net income rose to $8.6 billion from a loss of $500 million and earnings per share rose to $27.71 from -$2.71.
The company has $689 million in annual dividend and interest obligations, comprising $522 million of cumulative preferred stock (STRF $124 million, STRK $111 million, STRC $294 million) and $125 million of non-cumulative STRD.
The convertible bonds total $8.2 billion in notional value with a combined interest rate of 0.421%, which translates to around $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 2028 sale dates; These bills together have a market value of $10.6 billion.
CEO Phong Le reaffirmed the goal of having no convertible debt by 2029, a point highlighted by S&P in Strategy’s credit rating, giving the company a B- credit rating.
While CEO Michael Saylor highlighted that the company’s multiple of net asset value (mNAV) is around 1.25, its weakest level since early 2024. Saylor attributes this compression to a number of factors, such as a mature bitcoin market with reduced volatility, the success of IBIT and the growing influence of derivatives that dampen volatility, although Saylor expects the expansion of digital credit through preferred shares to lift mNAV over time.
Strategy has raised $20 billion so far this year across six different securities (common stock, perpetual preferred and convertible debt), nearly matching the $22.6 billion raised in 2024.
On the regulatory side, the firm clarified that based on interim Treasury and IRS guidance issued on September 30, it does not expect to be subject to the Corporate Alternative Minimum Tax on unrealized bitcoin gains.
For the second consecutive quarter, Strategy (MSTR) has qualified for possible inclusion in the S&P 500.
MSTR shares are up 6% premarket to $270 per share.
