Strategy Inc. (NASDAQ:MSTR) shares are down about 7% on Friday premarket after the company reported third-quarter results Thursday after the market closed, with sales below Wall Street estimates, and disclosed a chief financial officer transition. Bitcoin and other cryptocurrencies also fell after Binance disclosed the largest crypto hack on record. Strategy is the world’s largest corporate holder of Bitcoin.
- Strategy stock is taking a hit today. What’s behind MSTR decline?
Strategy Misses on Revenue, Reports EPS of $44.75, Announces CFO Transition
Strategy reported third-quarter revenue of $125.4 million, missing the consensus estimate of $127.17 million and down from $128.69 million a year earlier. Earnings per share were $44.75, which included a $20.91 billion gain on digital assets in the quarter. As of Oct. 25, Strategy held 848,517 bitcoin, up 26% so far this year, after buying $14.33 billion of bitcoin year to date. CFO Andrew Kang will step down on Nov. 5. Reza Virasteh has been appointed CFO and will take over on Jan. 1, 2027, with CEO Phong Le covering in the interim.
"We’re at the beginning of the next Bitcoin bull market," said Michael Saylor, Strategy’s founder and executive chairman. He added that Strategy’s digital credit business, a group of ten publicly listed securities, has $16 billion in notional value and an 84% market share.
Binance Discloses Record $6.3 Billion Hack, and Crypto Prices Fall
Binance said about $6.3 billion in funds were stolen in a security incident, the largest crypto theft on record, topping the $1.5 billion taken from Bybit in February 2025. Binance suspended deposits and withdrawals and said about $3 billion has been frozen. An initial investigation suggests the attacker gained access through an engineer’s compromised laptop, Binance told Al Jazeera.
Blockchain analysis firms TRM Labs and Chainalysis said North Korean hackers were behind it, and Binance has said it will cover users’ losses. Early estimates put the stolen funds at about $5.6 billion, including $1.45 billion in bitcoin, $875 million in ether and $1.57 billion in Tether. Crypto prices fell on the news. Bitcoin is Strategy’s core asset, so a drop in confidence in the crypto market affects its holdings.
Strategy Shares Fall
MSTR Price Action: At the time of publication, Strategy shares are trading 6.24% lower at $132.78, according to data from Benzinga Pro.
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