Strategy posted the largest operating income in its history on Thursday, booking $20.91 billion for the third quarter of 2026. Most of that total came from a paper gain on the company’s bitcoin stack. 

Net income reached $19.53 billion, or $44.75 per diluted share, up from $2.79 billion a year earlier. 

Chief Financial Officer Andrew Kang, who announced his departure in the same release, framed the result plainly: “Q3 operating income of $21 billion was the largest ever in Strategy’s history.”

Strategy marks its bitcoin to market each quarter, so every price move flows into earnings. Bitcoin rallied during the period. The company’s 848,517 bitcoin were worth $68.9…

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