Strategy reported a strong third quarter with earnings per share of $8.42, mainly driven by mark-to-market gains from its growing Bitcoin holdings. The company now owns around 640,000 BTC, up from 597,000 at the start of the quarter. As Bitcoin’s price climbed from about $107,000 to $114,000, Strategy’s unrealized gains translated into a sharp rise in reported profits.
However, despite the strong performance, Strategy’s share price declined nearly 14 percent during the same period as investors reassessed the company’s premium valuation relative to its Bitcoin exposure. Analysts note that Strategy’s profitability remains closely linked to Bitcoin’s market performance, meaning that price volatility directly impacts quarterly results.
The firm’s approach continues to attract both supporters and critics. Supporters see it as a pure Bitcoin exposure play, while others argue it amplifies the company’s risk in volatile markets. Still, Strategy remains committed to its Bitcoin-focused vision and may continue adding to its holdings as part of a long-term accumulation plan.
