Strategy's earnings number is enormous. Read what is inside it.

Strategy's 29 October results reported $20.91 billion of third-quarter operating income, including $20.91 billion of digital-asset gains. Revenue was $125.4 million, down 3% year on year. The company also announced that CFO Andrew Kang will step down on 5 November.

The results cover the quarter ended 30 September. Separately dated holdings stood at 848,517 bitcoin on 25 October. Those dates matter: a quarterly result and a later treasury snapshot describe different moments, neither of which is a live valuation.

The release names Phong Le as principal financial officer during the transition. Reza Virasteh is due to become CFO on 1 January, sharing principal-financial-officer responsibilities with Le, who retains oversight of the bitcoin strategy. Kang remains an adviser through December.

The earnings headline needs its components beside it. A digital-asset gain included in operating income is not the same measure as revenue from customers. The release puts both in view; reading only the larger figure loses much of the explanation. The scale of the holdings also makes bitcoin exposure central to understanding the business.