Bitcoin Giant Strategy Records Q3 Profits of $2.8 Billion

Strategy announced a significant profit of $2.8 billion for Q3, maintaining its aggressive Bitcoin accumulation despite market challenges. The company reported a net income of $8.42 per common share, with shares trading at around $262 after hours. This follows a rollercoaster three months as Bitcoin’s price fluctuated, peaking above $114,000 before recently dipping below $107,000. Over the quarter, Strategy purchased a total of 390 Bitcoin, totaling over 640,000 Bitcoin held, worth approximately $68 billion. The company has shifted its capital raising methods, refraining from issuing common shares since September, instead opting for preferred share offerings. Despite the volatility, co-founder Michael Saylor remains optimistic about Bitcoin’s trajectory, predicting it could reach $150,000 by year-end. Strategy has constructed a Bitcoin treasury that is the largest among publicly traded companies, exemplifying a trend many firms are now emulating.

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