Strategy Q3 net income soars to $20B on bitcoin value surge

Strategy, formerly known as MicroStrategy, has announced a significant increase in its third-quarter net income, reaching $19.53 billion. This marks a substantial rise from the $2.79 billion reported in the same period last year. The increase is attributed to a $20.91 billion gain in the value of its bitcoin holdings. With bitcoin near $80,120, the company’s results underscore its dependency on the cryptocurrency’s price fluctuations. Strategy holds 848,517 BTC, which were acquired at an average cost of $75,446 per bitcoin, and its earnings remain sensitive to such price changes.