By Isaac • October 31, 2026 11:16 am •
Strategy just posted a record $20.9 billion in third-quarter operating income, and Michael Saylor says a new Bitcoin bull market is beginning.
Yet one of the company’s own most important Bitcoin metrics is moving in the opposite direction.
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As CryptoSlate explains, Strategy’s Bitcoin holdings increased 26% this year to 848,517 BTC, valued at roughly $68.9 billion using the company’s October 23 reference price. But its year-to-date BTC yield—the change in Bitcoin holdings per assumed diluted share, rather than a conventional investment return—fell to negative 3.7% as of October 25.
That is an 8.2-percentage-point reversal from the positive 4.5% reported in July, even though Strategy kept accumulating Bitcoin and reported record quarterly operating income.
The difference is
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