Strategy reports $19.5 billion Q3 profit as Bitcoin holdings gain value

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Strategy reported net income of $19.53 billion for the third quarter, compared with $2.79 billion a year earlier. The result was driven by a $20.91 billion gain in the value of its Bitcoin holdings, which lifted operating income to a record level.

The company held 848,517 Bitcoin as of 25 October, an increase of 26% since the start of the year. However, revenue from its software business fell 3% year over year to $125.4 million.

Strategy also announced changes to its finance leadership. CFO Andrew Kang will step down on 5 November, with current COO Reza Virasteh expected to take over the role in January 2027. Executive Chairman Michael Saylor said the company sees institutional demand for Bitcoin returning as banks expand their involvement in the market.