If Bitcoin reaches $ 119,000 by the end of August, the profits from the third quarter of Microstrategy (now strategy) could establish a new record for the highest quarterly profits of a business on the stock market in financial history. This impressive figure easily controls Nvidia’s income and will approach Apple’s record.
While Bitcoin wins a general acceptance, this arouses the question of whether the major actors will adopt the plan of the strategy by the book. According to Brickken analyst in Manuel Cardozo, it depends. Although the current achievements of the strategy are impressive, the quality of its long -term health is in question.
Could microstrategy bitcoin earn the best technological giants?
Michael Saylor’s aggressive Bitcoin Plan (formerly Microstrategy) continues to remain strong by the sun or the rain. For the moment, he has not shown any signs of slowdown. With 592,100 bitcoins in its balance sheet, the strategy is the largest holder of the company in the world.
While the price of Bitcoin continues to climb, the overall profits of stratumment will also be. This large -scale success has already conducted several listed companies on the footsteps. The question is whether other giants of the company will also take the jump and buy Bitcoin.
If Bitcoin closes the third quarter of more than $ 119,000 and the strategy has 592,100 bitcoins acquired at an average cost of $ 70,666 each, the estimated quarterly net profit of the strategy would be around $ 28.59 billion.
This figure would go beyond the highest quarterly NVIDIA net profit of $ 22.091 billion, which makes the greatest quarterly profits of the strategy and an important aberrant value among the many coated technological companies on the stock market.
Since the strategy uses the fair value of its Bitcoin accounting, it directly reflects these gains in its net income. If the price of bitcoin continues to increase beyond this level, the profits of the strategy could potentially contest the current quarterly net profit of $ 36.33 billion Apple.
Could this unprecedented success generate a fear of missing from other competitors?
Buy or not buy
Cardozo expressed his enthusiasm as to the way such a scenario could generate a new adoption of Bitcoin by other business pioneers.
“With [Strategy’s] 592,100 BTC holdings, other companies could feel the need to finally penetrate, especially since the performance of the strategy exceeds traditional measures. This kind of success will not go unnoticed and will eventually push its boards exploring at least bitcoin to follow, “he told Beincrypto.
Some of the advantages of Bitcoin compared to assets can even appeal to companies with massive income, such as Nvidia or Apple.
“There is a solid case for technology giants like Apple and Nvidia to diversify in Bitcoin, and I like the possibilities here. On the professional side, Bitcoin is built as a perfect cover against the devaluation of the Fiat because of its limited diet and its decentralized nature,” added Cardozo.
However, a game book like Strategy is delivered with many risks, and it is not a victory for a size, even for the strategy itself.
Financial health health: a deeper dive
Although the strategy has experienced significant benefits of Bitcoin holding, these gains mainly arise from a tax advantage, not from its main commercial operations.
“These earnings, driven by the accounting of fair value, are not in cash like Apple billions from iPhone sales, these are paper benefits related to the Bitcoin price. Investors and analysts should see this as a speculative boost, not a sign of operational force, and focus on cash flows and debt to assess the real health of the company” Cardozo.
Effective comparison of the net income of the strategy with other characteristics such as cash flows and debt indeed reveals more about the problems that could expect the company, especially if the price of bitcoin had to refuse regularly.
According to the most recent dry files of the company, the strategy said that its debt in circulation amounted to $ 8.22 billion in March 2025. It also had a negative cash flow of $ 2 million, which represents a significant drop from one year to the next.
Although these figures are logical given the aggressive purchase of Strategy Bitcoin, they also demonstrate that the company’s main software activity does not generate enough money to cover its expenses. The strategy said it itself in its last file.
“A significant decrease in the market value of our Bitcoin holdings could affect our ability to meet our financial obligations,” the press release said.
He must issue debt and new equity to raise capital to continue his strategy. The plan is at least risky.
Is Bitcoin good for each company?
Since the main income of the strategy comes from its Bitcoin purchases, Cardozo argues that other companies should carefully consider their financial situation before adopting a similar approach.
“Analysts should weigh this in relation to operational measures; A company living with unrealized gains is more risky by nature. I think it is an innovative strategy, but for long-term health, in particular for traditional companies, cash generating operations beat paper profits every day, investors should keep this in mind, “he said.
However, as Bitcoin is increasingly symbolizing technological innovation, companies aligning this principle may feel in a hurry to adopt it. They would not need to acquire nearly 600,000 bitcoins, such as the strategy, to make such a declaration.
They also have a sufficiently resilient treasure to break a fall.
“I am quite convinced that Apple and Nvidia will end up investing in Bitcoin, in particular with its current history in the last 10 years,” said Cardozo, adding that “their treasury bills could manage a small allowance of 1 to 5%, and not only in cover against inflation but also as a brand movement because they represent the very image of the innovation that will also pressure them.”
However, in the end, companies like Apple and Nvidia are aimed at different customers. Adding bitcoin to their balance sheets can make them lose customers.
The question of sustainability for Bitcoin adopters
It is not a secret that bitcoin extraction largely damages the environment. The strategy, thanks to its Bitcoin acquisitions, contributes directly to the high levels of energy consumption associated with industry.
“The annual Bitcoin energy consumption is equivalent to a country of medium size and of course, it is a conflict from the start with the Apple carbon neutrality target in 2030 and the Nvidia renewable energies push,” Cardozo in Beincryptto told.
These companies could risk harming their public image by associating with an industry that conflicts with their own environmental, social and governance objectives (ESG).
“Customers and activists could put them pressure, considering it as a greenwashing, in particular with sustainability being a large part of their public image … They could align Bitcoin with their ESG objectives and keep their image intact as Bitcoin exploitation becomes more durable than the inherited system of the traditional bank,” added Cardozo.
In the end, although the attraction of Bitcoin gains can put pressure on technology giants like Apple and Nvidia to follow the example of the strategy, such consideration can cause more problems to these companies than profits.
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