MicroStrategy Inc. reported robust financial results for the second quarter ended June 30, 2025, driven largely by gains in its bitcoin holdings. The company posted operating income of $14.0 billion and net income of $10.0 billion, with a diluted earnings per share (EPS) of $32.60, a substantial improvement from a loss of $0.57 per share year-over-year. Revenue increased 2.7% to $114.5 million, and the gross margin stood at 68.8%. MicroStrategy held 628,791 bitcoins at a total cost of $46.07 billion, averaging $73,277 per bitcoin year-to-date, and achieved a 25% bitcoin yield in 2025 year-to-date. The unrealized bitcoin gains were a primary factor behind the record-breaking income, making this quarter one of the most profitable in public company history. For the full year 2025, MicroStrategy raised its guidance assuming a bitcoin price of $150,000, projecting operating income of $34 billion, net income of $24 billion, and diluted EPS of $80 per share. The company also increased its bitcoin yield forecast to 30% from 25% and raised its expected bitcoin gains to $20 billion from $15 billion. Analyst firms have responded positively, with Benchmark raising its price target on MicroStrategy to $705 from $650, and BTIG increasing its price target to $700 from $620, both maintaining Buy ratings. The bullish outlook is tied to anticipated bitcoin price appreciation to $225,000 by the end of 2026 and the value generated from bitcoin gains and software operations within MicroStrategy's treasury.