Bitcoin Giant Strategy Records Q3 Profits of $2.8 Billion

Bitcoin treasury company Strategy (MSTR) reported third-quarter profits of $2.8 billion alongside a net income of $8.42 per share. Despite Bitcoin's price dropping over 6% during the quarter, Strategy continued its aggressive accumulation of Bitcoin, having amassed over 640,000 coins valued at approximately $68 billion. The company's revenue from its software business reached $128 million. Co-founder Michael Saylor expressed optimism about Bitcoin's future price, projecting it to rise to $150,000 by year-end. In a recent move, Strategy purchased $43 million in Bitcoin, marking its most substantial acquisition in a month. The company has shifted its funding approach, opting against issuing common shares for capital raising since late September, and instead has introduced various preferred shares with dividend options. Despite the volatility in the crypto market, Strategy remains the largest corporate holder of Bitcoin, influencing similar strategies among over 200 other firms.

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