Strategy Reports Record Profit, Bitcoin Per Share Declines

Strategy, the company that holds the most bitcoins among firms, announced its results for the third quarter. Operating profit reached $20.91 billion, the highest in the company's history. Net profit was $19.53 billion, or $44.75 per share, compared to $2.79 billion a year ago. Almost all of the profit comes from the accounting gain from the revaluation of bitcoins that the company has not sold. Revenue fell by 3% to $125.4 million, which is below analysts' estimates. As of October 25, the company owned 848,517 BTC worth $68.9 billion, with an average purchase price of $75,446 per bitcoin. CFO Andrew Kang will step down on November 5, and his position will be taken over by Reza Virasteh. MSTR shares lost more than 6% in after-hours trading. BTC yield per share has decreased by 3.7% since the beginning of the year, although the number of bitcoins has increased by 26%. The company sold bitcoins for approximately $431.8 million to pay dividends and for share buybacks. The reserve stands at $5.07 billion, which will cover dividends and interest for 3.4 years.