Saylor calls new Bitcoin bull market, but Strategy’s own numbers reveal a costly problem

Michael Saylor declared a new Bitcoin bull market as Strategy reported record third-quarter operating income of $20.9 billion and net income of $19.5 billion, up from roughly $2.8 billion a year earlier. The record operating income came almost entirely from a $20.9 billion gain tied to changes in the value of its Bitcoin holdings rather than core operations. Traders should note that the headline profit reflects mark-to-market accounting on BTC rather than business performance, which complicates the bullish read.