Shares in Strategy have risen by nearly 6% in after-hours trading as the Bitcoin treasury company reported a net income of $2.8 billion for its third quarter, down from the second quarter but still beating analyst expectations.
Strategy on Thursday reported diluted earnings per share of $8.42 for the three months ending Sept. 30, exceeding Wall Street expectations of $8.15.
Its $2.8 million income for the quarter was a major jump from its $340.2 million loss the same time a year ago, but a fall from its record $10 billion net income in Q2.
Shares in Strategy (MSTR) climbed 5.7% after-hours to over $269 after ending the trading session on Thursday down over 7.5% at an over six-month low of $254.57.
Strategy has the largest stockpile of Bitcoin (BTC) among public companies, and the cryptocurrency’s over 6.5% rise over the quarter helped to buoy the company’s income.
Bitcoin is down 1.7% in the past 24 hours, recovering to $108,500 from an intraday low of under $106,500.
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The decline in the price of Bitcoin and Strategy’s stock has squeezed its mNAV to 1.05x, falling from a peak of 3.89x in November after Bitcoin rocketed on Donald Trump’s US election win, according to StrategyTracker data.
Strategy said its Bitcoin yield had hit 26% so far this year at a $13 billion gain and reaffirmed its full-year outlook of hitting a 30% Bitcoin yield with a net income of $24 billion, based on its estimation that Bitcoin will reach $150,000.
The company added 42,706 BTC over the third quarter to hold 640,031 BTC by Sept. 30. It has since continued its buys to hold 640,808 BTC as of Sunday, which Strategy said was bought at an average cost of $74,032.
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