Strategy Sold 5,552 Bitcoin and Bought 7,218 in Q3 as $20.9B Markup Drove Profit
- —Operating income of $20.91B came entirely from bitcoin markup; ex-gain, operations lost $2.6M
- —Added 7,218 BTC in Q3, down sharply from 85,296 in Q2
- —Sold 5,552 BTC to fund $239.9M preferred dividends and $108.6M STRC buybacks
- —CFO Andrew Kang departs Nov. 5; Reza Virasteh to become CFO from Jan. 1, 2027
Why it matters: Strategy is shifting bitcoin funding from equity issuance toward digital credit (STRC preferreds), changing the risk profile of the largest corporate BTC holder.
Source: Unchained