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Latest Bearings: Q3 2024 Report Analysis

Independent analysis of report released October 30, 2024

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Key Market Signals

  • Total revenues: $116.1M (down 10.3% year-over-year)
  • Net loss: $340.2M
  • Recorded $412.1M in Bitcoin impairment losses
  • Raised $2.1B through equity and debt in Q3

Independent Analysis

Bitcoin Holdings & Strategy:

  • • Holds 252,220 BTC (worth $16 billion at quarter end)
  • • Average purchase price: $39,266 per BTC
  • • Achieved 17.8% "BTC Yield" year-to-date
  • • Announced "21/21 Plan" to raise $42 billion for more Bitcoin purchases

Major Developments:

  • • Completed a 10-for-1 stock split
  • • Issued $1.01B in convertible notes
  • • Redeemed $500M in secured notes
  • • Announced new $21B at-the-market equity offering program

Third-party analysis indicates continued focus on Bitcoin-focused treasury strategy, with significant capital raising plans, while traditional software revenue shows decline.

Next earnings call scheduled for January 15, 2025

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Track MSTRs reported Bitcoin holdings, cost basis, and market position

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MSTR performance analysis with Bitcoin correlation metrics

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