Overview
- Net income reached roughly $2.8 billion with diluted EPS of $8.42, primarily reflecting mark‑to‑market gains as bitcoin rose from about $107,000 to $114,000 during Q3.
- Holdings increased to 640,808 BTC by Oct. 26 after adding about 42,700 BTC in the quarter; the company kept guidance for a 30% bitcoin yield and $24 billion in 2025 net income assuming $150,000 bitcoin.
- The market multiple to net asset value has compressed to near 1x, and management reinstated guidance not to sell common shares below a 2.5x mNAV, shifting funding toward preferreds and credit instruments.
- S&P assigned a B- issuer rating with a stable outlook; the firm reports about $689 million in annual preferred and interest obligations and $8.2 billion of convertible debt, targeting no convertibles by 2029.
- Executives outlined plans to issue bitcoin‑backed credit securities in international jurisdictions to diversify funding, while legacy software revenue beat estimates at $128.7 million.