"Strategy Inc.'s third-quarter results were a direct message to investors: its Bitcoin-driven balance sheet and digital credit business are working. Revenue rose to $128.7 million, while GAAP EPS reached $8.42, marking the second consecutive quarter of strong profitability. The company's holdings increased to 640,808 Bitcoin, valued at $71 billion, giving Strategy control of over 3 percent of total global supply. Management emphasized that every capital raise continues to increase Bitcoin per share, now at $41,370, confirming that accretive growth remains intact."
"Chairman Michael Saylor described digital credit as the "killer app" of Bitcoin finance. Strategy's preferred offerings, including Strike, Stride, Strife, and Stretch, represent a new form of structured yield backed by Bitcoin. The newest product, Stretch (STRC), offers a 10.4% effective yield (16 percent tax-equivalent) with only 8 percent volatility, making it competitive with money market instruments but backed by digital capital. These products have become Strategy's key tool for raising low-cost funds to acquire more Bitcoin."
Strategy's balance sheet is centered on a 640,808-Bitcoin treasury valued at $71 billion, shifting the company from software-led to digital-asset-driven. Fair value accounting and recurring capital raises produced more than $8 billion in cumulative earnings over the past four quarters. Digital credit products—Strike, Stride, Strife, and the new Stretch—provide structured yield backed by Bitcoin and supply low-cost funding for additional BTC purchases; Stretch yields 10.4% effective (16% tax-equivalent) with 8% volatility. Year-to-date fundraising totaled $19.8 billion, including $6.7 billion via preferred offerings, and management reports increasing Bitcoin per share to $41,370.
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