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

Strategy posted a record $20.9 billion in third-quarter operating income as Michael Saylor declared a new Bitcoin bull market.The company's Oct. 29 financial results showed net income of $19.5 billion, compared with roughly $2.8 billion a year earlier. The record operating income came almost entirely from a $20.9 billion gain from changes in the fair value of its Bitcoin holdings.The results reinforced Saylor's optimism about Bitcoin's prospects. He said banks were increasingly embracing the cryptocurrency, institutional demand had returned, and Bitcoin was trading 21% above its 200-week moving average.Saylor declared:“We're at the beginning of the next Bitcoin bull market.”His assessment comes as Strategy has expanded its Bitcoin holdings by 26% this year to 848,517 BTC, worth approximately $68.9 billion at the company's Oct. 23 reference price.However, that accumulation has not translated into stronger Bitcoin exposure per share, raising questions about the effectiveness of its increasingly complex financing strategy.Strategy's Bitcoin-per-share yield reverses despite record profitsDespite its record earnings, Strategy reported a -3.7% year-to-date BTC yield as of Oct. 25, a shar...