Strategy founder Michael Saylor said Bitcoin could be entering a bull market lasting two to three years, speaking during the company’s Q3 2026 earnings call on October 30. His remarks came as Bitcoin rebounds from a year-long downturn.
Rebound From 200-Week Moving Average
Saylor said Bitcoin has endured a bear market lasting roughly one year and is now rebounding from its 200-week moving average. He expects a bull market of two to three years to follow.
He pointed to several indicators supporting that view. Bitcoin’s market dominance has risen to around 67%, a measure of its share of the overall crypto market. Institutional demand is also returning, and banks are embracing Bitcoin, Saylor noted. He cited roughly $6.3 billion in Q3 Bitcoin ETF inflows as a positive signal and said the pool of potential buyers is broadening.
These indicators are signs, not guarantees, of a bull market. Bitcoin remains volatile, and regulatory shifts or macroeconomic conditions could interrupt the trend. The webinar focused on Strategy’s Bitcoin treasury, digital-credit products, financial results, and outlook.
Factors Behind the Expected Bull Market
Saylor believes digital credit and bank lending could absorb all new Bitcoin supply, meeting a scarce and increasingly predictable supply. Exchange-traded products, corporate treasuries, and financial institutions are also creating new channels for capital.
He listed monetary expansion, institutional investment, and tokenization as additional demand drivers. The 2028 halving could add to that demand, he said. Saylor also argued that tokenization could enable global, 24/7 trading, allowing product innovation to move faster.
Saylor presented Bitcoin as scarce “digital capital.” Its uses, he said, could expand beyond payments into equity, credit, collateral, and other financial products. Strategy CEO Phong Le described MSTR as “amplified Bitcoin,” with preferred securities providing digital credit.
Strategy’s stated goal is to double Bitcoin per share over seven years. It plans to use capital raised through its credit products to acquire Bitcoin, while maintaining reserves for obligations alongside those purchases. These were management’s projections and views on the Bitcoin bull market.
Record Q3 Results and CFO Transition
Strategy said it held 848,517 Bitcoin, about 4% of the eventual supply. Bitcoin’s price rise drove a roughly $20.9 billion fair-value gain in Q3, contributing to record operating income of $20.9 billion. Net income reached $19.1 billion, with diluted earnings of $44.75 per share.
MSTR rose 76% during the quarter, compared with Bitcoin’s 43% gain. By October 23, the company reported about $74 billion in treasury assets, including Bitcoin and roughly $5.1 billion in U.S.-dollar assets. Strategy said the reserves provide several years of coverage for interest and dividend payments.
Strategy raised $5.4 billion in Q3 and $21.2 billion year to date, while reporting low net leverage. Its digital-credit market has grown to about $16 billion. The Stretch preferred stock offers a roughly 12% dividend. Shareholders approved daily dividend accrual and payments for several preferred products, which Strategy said is intended to improve liquidity. Management also described reserve-building, share repurchases, and a credit-coverage monitoring framework.
CFO Andrew Kang announced he would step down on November 5 for personal reasons. CEO Phong Le will take the principal financial officer role during the transition. From January 2027, financial leadership is planned to split between the software and Bitcoin businesses. Management cautioned that Bitcoin-price volatility and other risks could materially affect results.
