Strategy executive chairman Michael Saylor says the financialisation of Bitcoin mirrors that of oil and electricity, and will help the asset grow. Speaking on the company's third-quarter earnings call on Thursday, he called rising competition among Bitcoin firms and products a sign of a healthy industry. "It's like oil got financialized, electricity got financialized, and Bitcoin's getting financialized, and it's not a bad thing," he said. Strategy reported record third-quarter net income of $19.12 billion, or $44.75 per diluted share. It held 848,517 Bitcoin as of October 25. Saylor also pointed to tokenisation as the next frontier. He expects a US framework within 12 months and said, "When it happens, it'll happen pretty quick.

Strategy shares fell 11% in a week, with an almost 8% drop on Friday, after a record $6.3 billion hack at Binance pushed bitcoin below $80,000. Coinbase fell about 13% over the week. Strategy's third-quarter report showed record operating income of $20.91 billion, nearly all from bitcoin gains. Revenue of $125.4 million missed the $129.0 million consensus, and chief financial officer Andrew Kang steps down on November 5. Its BTC Yield, a measure of bitcoin per share growth, was -3.7% for the year to October 25. Strategy spent $2.04 billion buying back STRC, its preferred stock, and raised $5.41 billion from share sales in the quarter. MSCI publishes a list of companies its new index rule could remove on November 11. Removal would force index funds to sell at the November 30 close.

Strategy, the bitcoin accumulator formerly known as MicroStrategy, said chief financial officer Andrew Kang is resigning after more than four years, citing unspecified personal reasons. He will stay on as an advisor through the end of the year, according to a Thursday securities filing. Chief executive officer Phong Le will serve as CFO from November 6 to December 31. On January 1, Reza Virasteh, currently vice president of operations, takes over and will also act as co-principal financial officer with Le. Global controller Shelley Khanna becomes chief accounting officer on November 6. The change came with third-quarter results. Net income rose to $19.53 billion from $2.79 billion a year earlier, while revenue slipped to $125.4 million from $128.7 million.