The world's largest Bitcoin holding company — Strategy — reported a third-quarter profit of $2.8 billion, significantly down from the record $10 billion in the previous quarter, as Bitcoin's rise at the end of summer stalled and the company's valuation continued to shrink.
Nevertheless, the results still exceeded analysts' expectations, with diluted earnings of $8.42 per share compared to a forecast of $8.15. However, this is Strategy's weakest quarter since adopting fair value accounting standards in January.
MSTR shares closed Wednesday at their lowest level in over six months, around $254, but rose about 4% in after-hours trading following the earnings report. Meanwhile, Bitcoin traded near $107,000, down about 15% from the historical peak earlier in October.$BTC
Nevertheless, the results still exceeded analysts' expectations, with diluted earnings of $8.42 per share compared to a forecast of $8.15. However, this is Strategy's weakest quarter since adopting fair value accounting standards in January.
MSTR shares closed Wednesday at their lowest level in over six months, around $254, but rose about 4% in after-hours trading following the earnings report. Meanwhile, Bitcoin traded near $107,000, down about 15% from the historical peak earlier in October.$BTC