Saylor calls new Bitcoin bull market, but Strategy’s own numbers reveal a costly problem
Strategy reported record third-quarter operating income of $20.9 billion, almost entirely from Bitcoin fair-value gains, and net income of $19.5 billion. CEO Michael Saylor called a new Bitcoin bull market, as the company held 848,517 BTC. Yet its year-to-date BTC yield turned negative at -3.7%, reflecting dilution and financing costs. Strategy raised about $21.2 billion in the first ten months of 2026, while third-quarter Bitcoin holdings grew by only 1,666 BTC net. Analysts disagree over its preferred-stock strategy: K33 says STRC’s roughly 12% dividends add substantial costs for limited extra Bitcoin accumulation, while Bitwise argues Strategy’s credit risk may be overstated. The company says $5 billion in dollar reserves can cover about 3.4 years of preferred dividends and interest.
