MicroStrategy Reports Record $21 Billion Operating Income Driven by Bitcoin Gains, but Bitcoin per Share Declines

MicroStrategy reported a record $21 billion operating profit for Q3 2026, entirely driven by a $20.91 billion unrealized gain on its Bitcoin holdings. However, Bitcoin per share fell 3.7% year-to-date despite total Bitcoin holdings increasing 26%, as the company raised $21.23 billion through share sales and spent $2.04 billion buying back preferred stock. Shares closed down 2.4% to $141.62 after the results.