Strategy recorded $20.9 billion in third-quarter operating income, almost entirely from an increase in the fair value of Bitcoin holdings. Michael Saylor said a new Bitcoin bull market was beginning. However, Strategy reported a year-to-date BTC yield of -3.7% as of Oct. 25, indicating weaker Bitcoin exposure per assumed diluted share. K33 estimated that STRC financing added just 4,947 BTC under a hypothetical comparison while creating approximately $725 million in additional annual dividend obligations. Bitwise's André Dragosch argued that investors were demanding excessive compensation for Strategy's financial risks. Strategy estimated that approximately $5 billion in designated dollar assets could fund 3.4 years of preferred dividends and interest at current rates.