Michael Saylor declared the beginning of a new Bitcoin bull market after Strategy reported record third-quarter operating income of $20.9 billion, driven almost entirely by the fair-value increase of its Bitcoin holdings. Net income reached $19.5 billion, compared with roughly $2.8 billion a year earlier. Strategy holds 848,517 BTC worth approximately $68.9 billion, but its Bitcoin yield per share has turned negative, at -3.7% year to date, compared with 4.5% in July. K33 estimates that the costly STRC preferred financing, which carries a 12% annualized dividend, adds significant obligations without materially improving Bitcoin accumulation, while Bitwise disputes Strategy’s credit rating and argues that investors are demanding excessive compensation for STRC’s risks. Strategy has strengthened its liquidity position with approximately $5 billion in designated dollar assets, which it estimates could cover 3.4 years of preferred dividends and interest payments. MSTR shares rose 76% during the third quarter, outperforming Bitcoin’s 43% gain, while Strategy recorded a net loss of $1.23 billion for the first nine months of 2026.
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