MicroStrategy Posts Record $21B Operating Income on Bitcoin Gain, but BTC-Per-Share Falls

Strategy, the former MicroStrategy and the largest corporate holder of Bitcoin (BTC), reported a record $21 billion operating profit for the third quarter on Thursday. Every dollar of it came from a paper gain on its Bitcoin pile. Yet the company’s own scorecard moved the other way. Bitcoin per share, the number Strategy tells investors to judge it on, fell 3.7% this year even as total holdings grew 26%, leaving each share backed by less Bitcoin than in January. Why a Record Profit Left Shareholders With Less Bitcoin US accounting rules now make companies book the rise or fall in their crypto each quarter as profit or loss, sold or not.

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