Bitcoin gains lift Strategy to $20.9B Q3 operating profit

Strategy reported a $20.9 billion operating profit for the third quarter, driven by gains in bitcoin. The company also spent $2.04 billion buying back STRC through Oct. 25, while preferred dividends totaled $419.6 million in the quarter. Traders care because the results show how large bitcoin holders' earnings and capital allocation are increasingly tied to BTC price swings.