MicroStrategy (MSTR) reported a strong second quarter for 2025, driven largely by gains in its bitcoin holdings. The company posted $14 billion in operating income and $10 billion in net income for Q2, with diluted earnings per share reaching $32.60, a significant improvement from a loss of $0.57 per share year-over-year. Revenue increased 2.7% to $114.5 million, and gross margin stood at 68.8%. As of the quarter, MicroStrategy held 628,791 bitcoins at a total cost of $46.07 billion, averaging $73,277 per bitcoin year-to-date, achieving a 25% bitcoin yield. The company acquired an additional 21,021 bitcoins between July 28 and August 3, 2025, for $2.46 billion at an average price of $117,256 per bitcoin. Since the 2024 U.S. presidential election, MicroStrategy has accumulated 376,571 bitcoins valued at $43.2 billion, representing 60% of its total bitcoin holdings. For the full year 2025, MicroStrategy projects operating income of $34 billion, net income of $24 billion, and diluted EPS of $80 per share, assuming a bitcoin price of $150,000. The bitcoin yield forecast was raised to 30% from 25%, with bitcoin gains expected to increase to $20 billion from $15 billion previously. Analysts have responded positively, with BTIG raising its price target to $700 from $620 and Clear Street increasing its target to $537 from $508, both maintaining buy ratings. The bullish outlook is supported by expectations of bitcoin price appreciation and strong treasury operations contributing to shareholder value.