Strategy (NASDAQ:MSTR) earned $19.5 billion in the third quarter, or $44.75 per diluted share, and almost all of it came from the rising price of the bitcoin (CRYPTO:BTC) it holds. Shares were flat in early after-hours trading. The profit tells you bitcoin rebounded, not that the business improved. The measure that matters went the wrong way, because each share now holds less bitcoin than it did in January. Strategy marks its bitcoin to the market price every quarter, and the change runs straight through earnings. That means a record profit mostly tracks the price of the coin, while the small software business barely moves the result. Bitcoin per share is the real scorecard for this company, and it is shrinking. Strategy grew its pile of coins 26% this year, but its share count grew even faster, so each owner's slice got smaller.
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