Bitcoin Giant Strategy Records Q3 Profits of $2.8 Billion

Bitcoin treasury Strategy (MSTR) announced a remarkable $2.8 billion profit for Q3, despite a challenging crypto market where Bitcoin prices dropped over 6%. The company's aggressive BTC accumulation strategy led to net income of $8.42 per common share on a diluted basis. Shares increased over 3% after hours, although they had previously fallen during trading. Since pivoting to focus on Bitcoin in 2020, MSTR shares have surged by more than 1,400%. Despite Bitcoin's recent price fluctuations, which saw it end Q3 above $114,000 and drop below $107,000 in October, MSTR continues its purchasing strategy, acquiring $43 million worth of Bitcoin last week. The company has amassed over 640,000 Bitcoin valued at approximately $68 billion. MSTR has also shifted from issuing common shares to raising funds through preferred shares, enabling further BTC purchases while managing its capital strategy carefully. Michael Saylor, co-founder, remains optimistic about Bitcoin's future, predicting a rise to $150,000 by year-end.

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