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5h ago

Strategy Posts $2.8B Q3 Profit, Reaffirms Bitcoin Targets

Mark-to-market profit contrasts with tightening funding flexibility signaled by a thin mNAV and S&P’s new B- credit rating.

Coinbase and Strategy post record Q3 earnings — Both double down on Bitcoin holdings
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Overview

  • The bitcoin-focused company reported Q3 net income of $2.8 billion, or $8.42 per share.
  • Holdings rose to 640,031 BTC at Sept. 30 and to 640,808 BTC after October purchases funded by equity and preferred stock sales.
  • Modest bitcoin appreciation from roughly $107,000 to about $114,000 during Q3 drove the profit contribution.
  • Management reiterated guidance for a 30% full-year bitcoin yield and $24 billion in net income, or $80 per share, based on a $150,000 BTC outlook.
  • Shares fell about 14% in Q3 and roughly 20% in October, compressing mNAV to near 1 and, with a reinstated 2.5x issuance floor, effectively sidelining common-stock ATM sales as S&P issued a B- rating citing concentration and liquidity risks.