Co-founder Michael Saylor maintained optimism about Bitcoin’s trajectory despite October’s price decline below $107,000.
Bitcoin News
Strategy generated $2.8 billion in third-quarter profits while maintaining its aggressive Bitcoin accumulation strategy despite challenging market conditions. The company reported a net income of $8.42 per diluted common share in results released Thursday after market close.
The Tysons Corner, Virginia-based firm now holds more than 640,000 Bitcoin worth approximately $68 billion at current prices. Strategy remains the world’s largest crypto treasury company and pioneered an approach adopted by over 200 publicly traded firms according to Bitcointreasuries.net.
Software business revenues totaled $128 million for the quarter. Bitcoin price increased more than 6% during Q3, a modest gain compared to the previous quarter’s 30% surge that influenced Strategy’s accumulation pace.
The company hasn’t issued common shares since approximately Sept. 29, shifting its capital-raising approach while leaving its primary funding source untapped. Strategy historically issued shares at a premium relative to Bitcoin holdings to grow its stockpile.
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