Michael Saylor · Bitcoin · Strategy · CryptoSlate
Saylor calls new Bitcoin bull market, but Strategy’s own numbers reveal a costly problem
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Strategy posted a record $20.9 billion in third-quarter operating income as Michael Saylor declared a new Bitcoin bull market.
Key facts
- The company also spent over $2 billion repurchasing approximately 20.98 million STRC shares, while cumulative preferred dividends paid reached nearly $1.5 billion
- The company's Oct. 29 financial results showed net income of $19.5 billion, compared with roughly $2.8 billion a year earlier
- Meanwhile, Strategy's Bitcoin treasury increased by only 1,666 BTC during the quarter, after the company purchased 7,218 BTC and sold 5,552 BTC
- The 8.2-percentage-point deterioration occurred even as its Bitcoin holdings increased from 843,775 BTC in late July to 848,517 BTC in October
Summary
01 Michael Saylor declared a new Bitcoin bull market as Strategy reported record third-quarter operating income of $20.9 billion. 02 Despite increasing its Bitcoin holdings by 26% this year, Strategy's BTC yield fell to negative 3.7% amid substantial fundraising. 03 K33 questions whether STRC's costly financing justifies its Bitcoin gains, while Bitwise argues investors are overpricing the risks. The company's Oct. 29 financial results showed net income of $19.5 billion, compared with roughly $2.8 billion a year earlier.