Saylor declares new Bitcoin bull market as Strategy posts record $20.9 billion operating income

Strategy posted a record $20.9 billion in third-quarter operating income, almost entirely from a $20.9 billion fair-value gain on its Bitcoin holdings. Michael Saylor declared a new Bitcoin bull market, citing banks embracing cryptocurrency and institutional demand returning. However, despite increasing Bitcoin holdings by 26% to 848,517 BTC, the company's Bitcoin-per-share yield reversed to -3.7% year-to-date as of Oct. 25, down from 4.5% in July, reflecting dilution from aggressive capital raising.