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Strategy's Bitcoin Per Share Falls 3.7%: Rapid Earnings Reaction

Source The Motley Fool

Key Points

Strategy earned $19.5 billion, or $44.75 per diluted share, in the third quarter, but almost all of it came from the rising price of the bitcoin it holds.
The measure that matters went the wrong way.
Motley Fool Issues Rare "Total Conviction" Buy Alert ›

Strategy (NASDAQ:MSTR) earned $19.5 billion in the third quarter, or $44.75 per diluted share, and almost all of it came from the rising price of the bitcoin (CRYPTO:BTC) it holds. Shares were flat in early after-hours trading. The profit tells you bitcoin rebounded, not that the business improved. The measure that matters went the wrong way, because each share now holds less bitcoin than it did in January.

Key Numbers

Net income: $19.53 billion, up from $2.79 billion a year ago.
Gain on digital assets: $20.91 billion, up from $3.89 billion a year ago.
BTC Yield, the change in bitcoin per share: negative 3.7% year to date.
Total revenue: $125.4 million, down 3% from a year ago.

What It Means

Strategy marks its bitcoin to the market price every quarter, and the change runs straight through earnings. That means a record profit mostly tracks the price of the coin, while the small software business barely moves the result.

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Bitcoin per share is the real scorecard for this company, and it is shrinking. Strategy grew its pile of coins 26% this year, but its share count grew even faster, so each owner's slice got smaller.

Cash is also flowing out to defend the company's preferred stock. Strategy spent about $2 billion this year buying back its STRC preferred shares while they traded below face value. It has also sold some bitcoin to help pay for those buybacks and for preferred dividends, so a company built to pile up bitcoin is now selling some to prop up its own credit.

What to Watch Next

Watch whether BTC Yield turns positive next quarter. Also track how much bitcoin Strategy sells to cover dividends and STRC buybacks.

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David Kretzmann has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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