Overview
- Diluted EPS was $8.42, topping estimates, with legacy software revenue of $128.7 million for the quarter.
- The firm added roughly 42,700 BTC in Q3 and held about 640,808 BTC by late October, including a recent $43 million purchase of 390 BTC.
- Shares fell roughly 14% in Q3 and about 20% in October before a modest after-hours bounce, as the mNAV multiple narrowed to near 1.0x.
- Management is leaning on preferred equity and exploring credit securities in international jurisdictions, with the STRC preferred yield lifted to 10.5% starting in November.
- Full-year guidance was reaffirmed for $24 billion in net income and $80 EPS, targeting a 30% Bitcoin yield assuming a year-end BTC price of $150,000.