Saylor calls new Bitcoin bull market, but Strategy’s own numbers reveal a costly problem

Strategy posted a record $20.9 billion in third-quarter operating income as Michael Saylor declared a new Bitcoin bull market. The company's Oct. 29 financial results showed net income of $19.5 billion, compared with roughly $2.8 billion a year earlier. The record operating income came almost entirely from a $20.9 billion gain from changes in the fair value of its Bitcoin holdings. The results reinforced Saylor's optimism about Bitcoin's prospects . He said banks were increasingly embracing the cryptocurrency, institutional demand had returned, and Bitcoin was trading 21% above its 200-week moving average. His assessment comes as Strategy has expanded its Bitcoin holdings by 26% this year to 848,517 BTC, worth approximately $68.9 billion at the company's Oct. 23 reference price.

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