Strategy Posts $19.53 Billion Q3 Profit on Bitcoin Gains

Strategy reported net income of $19.53 billion for the third quarter of 2026, up from $2.79 billion a year earlier, as a $20.91 billion gain on digital assets drove record operating income. Revenue from the company’s software business fell 3% to $125.4 million, from $128.7 million in the same quarter last year. The results, announced October 29, reflect a Bitcoin valuation gain rather than a comparable rise in software revenue. Strategy reported operating income of $20.91 billion and diluted earnings per share of $44.75. Gross profit was $89.6 million, with a 71% margin, compared with $90.7 million and a 70% margin a year earlier. Strategy said it held 848,517 Bitcoin as of October 25. Its year-to-date BTC Yield, a company-defined measure of Bitcoin holdings relative to assumed diluted shares, was negative 3.7%. The company’s reported Bitcoin holdings had increased 26% during 2026, while its BTC Yield measure was negative. The measure is not a traditional investment return. Executive Chairman Michael Saylor said management believed Bitcoin was at the start of a new bull market. He cited institutional demand, greater bank engagement and Bitcoin’s price relative to its 200-week...