Strategy reported today a profitable Q3, boosting its odds of joining the S&P 500 by year-end, according to a note from 10X Research. The firm’s earnings release shows a fair-value Bitcoin accounting gain for the quarter, improving key inclusion metrics tracked by S&P Dow Jones Indices.
The update reinforces Strategy’s position as the largest corporate holder of Bitcoin, a model that has inspired other Digital Asset Treasury (DAT) firms such as Metaplanet and Bitmine. Inclusion in the S&P 500 would mark the first time a Bitcoin-treasury-led company enters a major U.S. equity benchmark — a milestone that could pull fresh institutional flows into the crypto sector and raise legitimacy for BTC-based balance-sheet strategies.
10X Research stated that analysts will monitor Strategy’s mNAV premium and any renewed BTC purchases over the coming weeks. A formal index committee decision is expected in early December.
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