MicroStrategy Posts Record $21B Operating Income on Bitcoin Gain, but BTC-Per-Share Falls

Strategy, formerly MicroStrategy and the largest corporate Bitcoin holder, reported a record $21 billion operating profit for the third quarter of 2026 on Thursday, from an accounting gain on its Bitcoin. Under rules requiring quarterly mark-to-market treatment of crypto, Strategy recorded a $20.91 billion Bitcoin gain and $19.53 billion net income, or $44.75 per share; those rules produced an $8.22 billion quarterly loss in July when prices fell. Yet Bitcoin per share, the metric Strategy tells investors to use, fell 3.7% this year even as holdings rose 26%, leaving each share backed by less Bitcoin than in January. Strategy raised $21.23 billion this year, mostly by issuing shares, and sold $431.8 million of Bitcoin to fund dividends and buybacks.