Digital Capital Highlights (as of October 25, 2026)
- 848,517 bitcoin holdings, 26% growth year to date 2026
- $20.91 billion gain on digital assets in the third quarter of 2026
- $14.33 billion of bitcoin purchased year to date 2026
Digital Equity Highlights (as of October 25, 2026)
- $19.12 billion net income attributable to common stockholders and $44.75 diluted EPS in the third quarter of 2026
- $21.23 billion of capital raised year to date, 4th largest equity issuer in the U.S.
- 76% MSTR stock price increase vs. 43% BTC price increase in the third quarter of 2026
Digital Credit Highlights (as of October 25, 2026)
- Returned STRC to health by executing $2.04 billion(1) of repurchases and growing USD Assets to $5.07 billion, providing 3.4 years of coverage on dividend and interest obligations
- Upgraded STRC to daily dividends starting November 1, 2026 and STRF, STRK, and STRD to daily dividends starting January 1, 2027
- $1.48 billion in cumulative dividends paid on all preferred stock to date
(1) Includes shares repurchased but not yet settled as of October 25, 2026.
TYSONS CORNER, Va.--(BUSINESS WIRE)--Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) (“Strategy” or the “Company”), the largest institutional holder of bitcoin and the world’s first Bitcoin Treasury Company, today announces financial results for the three-month period ended September 30, 2026 (the third quarter of its 2026 fiscal year).
“Strategy demonstrated its commitment to returning STRC to health. We grew our USD Assets to $5.1 billion, increased USD Duration to 3.4 years, and repurchased $2.0 billion of STRC. We also continued to innovate. With shareholder approval on October 28, we upgraded STRF, STRC, STRK, and STRD to daily dividends, so investors can accrue dividends every calendar day of the year, including weekends and holidays. Daily dividends are a natural step toward the tokenized, 24/7/365 financial system. Digital Credit is being built for that world, and Strategy intends to lead it,” said Phong Le, President and Chief Executive Officer.
“Q3 operating income of $21 billion was the largest ever in Strategy’s history. We've also raised $21 billion of equity capital and increased our bitcoin holdings by 26% year-to-date in a challenging bitcoin market. Lastly, it has been an honor and privilege to serve as Strategy’s CFO for the past four and a half years, and I am grateful for the support of Michael, Phong, the Board, our employees and our shareholders through the tremendous growth over that period,” said Andrew Kang, Chief Financial Officer.
“We’re at the beginning of the next bitcoin bull market. Banks are embracing bitcoin, bitcoin’s dominance among digital assets is growing, institutional demand is back, and bitcoin price is 21% above its 200-week moving average. Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities. Strategy continues to lead this industry with 84% market share and STRC returning to strength,” said Michael Saylor, Founder and Executive Chairman.
Q3 Financial Summary
- Operating Income: Operating income for the third quarter of 2026 was $20.91 billion, compared to $3.89 billion of operating income for the third quarter of 2025. Operating income for the third quarter of 2026 includes a gain on the Company’s digital assets of $20.91 billion, compared to a gain on the Company’s digital assets of $3.89 billion for the third quarter of 2025.
- Net Income and Net Income Attributable to Common Stock: For the third quarter of 2026, the Company reported a net income of $19.53 billion, or diluted earnings per common share of $44.75, as compared to a net income of $2.79 billion, or diluted earnings per common share of $8.42, for the third quarter of 2025. Net income attributable to common stockholders for the third quarter of 2026 was $19.12 billion, reflecting $419.6 million of dividends on preferred stock, compared to net income attributable to common stockholders of $2.65 billion, reflecting $139.9 million of dividends on preferred stock, for the third quarter of 2025.
- Cash and Cash Equivalents, and Short-term Investments: As of September 30, 2026, the Company had cash and cash equivalents of $2.50 billion, as compared to $1.71 billion as of June 30, 2026. As of September 30, 2026, the Company had short-term investments of $3.40 billion, as compared to short-term investments of $736.1 million as of June 30, 2026.
- Revenues: Total revenues for the third quarter of 2026 were $125.4 million, compared to total revenues of $128.7 million for the third quarter of 2025, a 3% decrease year-over-year.
- Gross Profit: Gross profit for the third quarter of 2026 was $89.6 million, representing a 71% gross margin, compared to $90.7 million, representing a gross margin of 70%, for the third quarter of 2025.
Bitcoin Summary (as of October 25, 2026)
- BTC Yield: BTC Yield of (3.7)% year to date 2026.
- BTC Gain: BTC Gain of (24,947) year to date 2026.
- BTC $ Gain: BTC $ Gain of $(2.03) billion year to date 2026, based on the October 23, 2026 bitcoin market price of $81,200.
- Digital Assets: As of October 25, 2026, the Company’s digital assets were comprised of approximately 848,517 bitcoins, with an original cost basis and market value of $64.02 billion and $68.90 billion, respectively, which reflect an average cost per bitcoin of approximately $75,446 and a market price per bitcoin of approximately $81,200 as of October 23, 2026.
Capital Markets Summary (as of October 25, 2026)
- ATM Offerings: The Company received net proceeds of approximately $5.41 billion during the three months ended September 30, 2026, and additional net proceeds of approximately $58.7 million between October 1, 2026 and October 23, 2026, from the following sales made under its at-the-market offering program ("ATM").
|
| Q3 FY 2026 |
| QTD Q4 FY 2026 | ||
Securities |
| Net Proceeds (in millions) |
| Net Proceeds (in millions) | ||
MSTR |
| $ | 5,407.7 |
| $ | 58.7 |
STRC |
|
| — |
|
| — |
STRK |
|
| — |
|
| — |
STRF |
|
| — |
|
| — |
STRD |
|
| — |
|
| — |
Total |
| $ | 5,407.7 |
| $ | 58.7 |
- STRC Stock Dividend: Since the start of FY 2026, the Company has declared and paid, or will pay, the following dividends on its STRC Stock:
Record Date |
| Annualized STRC Rate |
| Dividend (USD/Share) |
| Payment Date |
Monthly STRC Dividends | ||||||
January 15, 2026 |
| 11.00% |
| $0.92 |
| January 31, 2026 |
February 15, 2026 |
| 11.25% |
| $0.94 |
| February 28, 2026 |
March 15, 2026 |
| 11.50% |
| $0.96 |
| March 31, 2026 |
April 15, 2026 |
| 11.50% |
| $0.96 |
| April 30, 2026 |
May 15, 2026 |
| 11.50% |
| $0.96 |
| May 31, 2026 |
June 15, 2026 |
| 11.50% |
| $0.96 |
| June 30, 2026 |
Semi-Monthly STRC Dividends | ||||||
June 30, 2026 |
| 11.50% |
| $0.48 |
| July 15, 2026 |
July 15, 2026 |
| 12.00% |
| $0.50 |
| July 31, 2026 |
July 31, 2026 |
| 12.00% |
| $0.50 |
| August 15, 2026 |
August 15, 2026 |
| 12.00% |
| $0.50 |
| August 31, 2026 |
August 31, 2026 |
| 12.00% |
| $0.50 |
| September 15, 2026 |
September 15, 2026 |
| 12.00% |
| $0.50 |
| September 30, 2026 |
September 30, 2026 |
| 12.00% |
| $0.50 |
| October 15, 2026 |
October 15, 2026 |
| 12.00% |
| $0.50 |
| October 31, 2026 |
Daily STRC Dividends(1) | ||||||
November 2026 |
| 12.00% |
| $1.00 |
| (2) |
(1) Represents the aggregate dividend per share for all daily record dates during the applicable month. | ||||||
(2) Every business day from November 2 to December 1, inclusive. | ||||||
Digital Credit Capital Framework Summary (as of October 25, 2026)
- USD Assets: The Company has grown the USD Reserve to $4.83 billion, while also establishing and growing USD Cash to $242.4 million, representing approximately 3.4 years of coverage reserved for preferred stock dividend payments and interest on outstanding indebtedness.
- STRC Dividend Policy: The Company has maintained the dividend rate at 12.00% to support STRC trading near its $100 per share stated amount.
- $3.0 Billion Digital Credit Securities Repurchase Program: Year to date, the Company repurchased 20,980,508 shares of STRC ($2.10 billion aggregate notional) for approximately $2.04 billion at an average price of $97.39 per share, an approximate 2.6% discount to the $100 per share stated amount. Approximately $956.7 million of authorization remains available, and while STRC trades below $100 per share, the Company intends to be a regular and disciplined purchaser.
- $1.0 Billion MSTR Repurchase Program: No repurchases to date. The Company may consider repurchasing MSTR when management believes it is trading below intrinsic value, which would be accretive to common shareholders.
-
BTC Monetization Program: The Company has board authorization to sell bitcoin to:
- Fund the USD Reserve up to $1.25 billion of bitcoin sales;
- Fund preferred stock dividends and interest expense as they become payable, or to replenish the USD Reserve after such payments; and
- Fund repurchases of MSTR or Digital Credit Securities under our repurchase programs.
The Company has sold approximately $431.8 million of bitcoin year to date 2026 to fund a portion of its preferred stock dividends and STRC buybacks.
Chief Financial Officer Transition
Andrew Kang will step down as Executive Vice President and Chief Financial Officer effective November 5, 2026, and will remain with the Company in an advisory capacity through December 31, 2026. Phong Le, President and Chief Executive Officer, will serve as the Company's principal financial officer and assume responsibility for the finance organization during the transition, and effective January 1, 2027, Reza Virasteh, Strategy's current Executive Vice President of Operations, will become Executive Vice President and Chief Financial Officer, serving as co-principal financial officer alongside Mr. Le, who will retain responsibility for the financial management of the Company's bitcoin strategy.
ROC Dividend Guidance
Strategy believes that it will not have positive accumulated earnings & profits for U.S. federal income tax purposes (“E&P”), and does not expect to generate positive current E&P in the current year or the foreseeable future. Based on these expectations, Strategy expects the distributions paid on its preferred equity instruments to be treated as non-taxable return of capital ("ROC") for the foreseeable future (i.e., ten years or more).
Special tax considerations may apply to certain taxpayers based on their specific circumstances. Shareholders should consult their own tax advisors regarding the U.S. federal, state, local, and any non-U.S. tax consequences to them in connection with the receipt of any of these distributions. Strategy’s expectations on E&P may change, and any such change could affect the U.S. federal income tax treatment of the distributions.
Strategy Dashboard
Strategy maintains a dashboard on its website (www.strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding Strategy to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain KPI metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information that Strategy makes public via the website dashboard.
Conference Call
Strategy will be discussing its third quarter 2026 financial results on a live Video Webinar today beginning at approximately 5:00 p.m. ET. The live Video Webinar and accompanying presentation materials will be available under the “Events and Presentations” section of Strategy’s investor relations website at https://www.strategy.com/investor-relations. Log-in instructions will be available after registering for the event. An archived replay of the event will be available beginning approximately two hours after the call concludes.
About Strategy
Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere™. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets.
Strategy, MicroStrategy, and Intelligence Everywhere are either trademarks or registered trademarks of Strategy Inc in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
Important Information About KPIs
The Company seeks to acquire bitcoin in a manner it believes to be accretive to common stockholders. To assess achievement of this strategy, the Company monitors and reviews the following Key Performance Indicators (“KPIs”):
-
Bitcoin Per Share (in Sats) (or BPS (in Sats)) represents the ratio between the Company’s gross bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of “Satoshis” or “Sats”, where:
- “Assumed Diluted Shares Outstanding” refers to the aggregate of the Company’s Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method, incorporates approximate forfeitures of awards in the current period which may be subject to future adjustment and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments.
- “Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-the-market equity offering programs, or (B) were issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented.
- A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, currently the smallest indivisible unit of a bitcoin.
- BTC Yield represents the percentage change in BPS (in Sats) over a period. It is calculated by dividing the difference in BPS between the beginning of a period and the end of a period by the BPS at the beginning of the period. For an interim Measurement Period that is part of a longer Reference Period, BTC Yield is calculated as the BTC Yield for the period from the beginning of the Reference Period to the end of the Measurement Period, less the BTC Yield for the period from the beginning of the Reference Period to the beginning of the Measurement Period.
- BTC Gain represents the BTC Yield for a period in gross bitcoin terms. It is calculated by multiplying the BTC Yield for that period by the Company’s gross bitcoin holdings at the beginning of a specified period. For an interim Measurement Period that is part of a longer Reference Period, BTC Gain is calculated by multiplying the BTC Yield for the Measurement Period by the Company’s gross bitcoin holdings at the beginning of the Reference Period.
- BTC $ Gain represents BTC Gain as an illustrative dollar value. It is calculated by multiplying the BTC Gain by the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time.
“Measurement Period” refers to the period being measured, and “Reference Period” refers to the longer period of which the Measurement Period may be a sub-part. When the Company presents these metrics for an interim period within a fiscal year (e.g., a monthly, quarterly, or quarter-to-date period), then the Measurement Period is that interim period, and unless otherwise stated, the Reference Period is the fiscal year-to-date period ending on the last day of the Measurement Period. For example, assume BPS (in Sats) is 100 at the beginning of a fiscal year, 110 at the end of the first quarter and 125 at the end of the second quarter. The BTC Yield for the second quarter is calculated as (125/100 − 1) less (110/100 − 1), or 15%. The first and second quarter BTC Yields of 10% and 15%, respectively, sum to the year-to-date BTC Yield of 25%. With 1,000 bitcoin held at the beginning of the fiscal year, BTC Gain would be 100 bitcoin (10% × 1,000) and 150 bitcoin (15% × 1,000) for the first and second quarters, respectively, which sum to the year-to-date BTC Gain of 250 bitcoin.
For determining BTC $ Gain quarter to date and year to date, unless otherwise specified, the Company uses the current market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period, unless stated otherwise. These prices are used solely to facilitate these illustrative calculations.
The Company uses BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these KPIs can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period:
- BPS (in Sats) provides management and investors a baseline with which to assess the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner over a given period. When evaluating a capital raise transaction, the Company considers the impact the transaction will have on this metric. This metric forms the baseline for the Company’s BTC Yield, BTC Gain and BTC $ Gain KPIs, each of which presents the change in BPS (in Sats) over a period in a different format.
- BTC Yield helps management and investors assess the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner across periods. The Company uses BTC Yield to evaluate whether its capital markets activity and bitcoin acquisition strategy have resulted in gross per-share accretion (or dilution) on an Assumed Diluted Shares Outstanding basis over an applicable period, and to compare the impact of its strategy across periods.
- BTC Gain helps the Company measure the accretive or dilutive impact of the change in BPS (in Sats) over an applicable period in absolute terms relative to the Company’s bitcoin holdings. This metric can be particularly helpful when comparing the execution of the Company’s capital markets strategy across periods. A larger bitcoin asset base may produce a lower BTC Yield but the same BTC Gain. For example, a 10% BTC Yield on 100,000 bitcoin and a 5% BTC Yield on 200,000 bitcoin each result in a BTC Gain of 10,000 bitcoin.
- BTC $ Gain further expresses the percentage change reflected in the BTC Yield metric as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above. The Company refers to this metric for illustrative purposes to consider the magnitude of BTC Gain with reference to the market price of bitcoin.
When management uses these metrics, management takes into account their various limitations. With respect to BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain, these limitations include that the metrics:
- do not take into account that the Company’s assets, including its bitcoin, are subject to (i) all of the Company’s existing and future liabilities, including its debt, and (ii) the preferential rights of the Company’s preferred stockholders to dividends and the Company’s assets in a liquidation, and that all such claims rank senior to those of the Company’s common equity. Therefore, holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation. As a result, the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders; and
- assume that all indebtedness will be refinanced or, in the case of the Company’s senior convertible debt instruments and convertible preferred stock, converted into shares of class A common stock in accordance with their respective terms.
Different assumptions would produce materially different results, and these KPIs may overstate or understate the Company’s bitcoin that would remain attributable to holders of common stock after accounting for senior claims (net of the Company’s USD Assets).
BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:
- BPS (in Sats) does not represent (i) the Company's ability to satisfy its financial obligations, or (ii) the Company’s book value per share.
- BTC Yield is not equivalent to “yield” in the traditional financial context. It is not a measure of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company. Nor is it a measure of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets.
- BTC Gain and BTC $ Gain are not equivalent to “gain” in the traditional financial context. They also are not measures of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company. Nor are they measures of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. BTC $ Gain also does not represent a fair value gain of the Company’s bitcoin holdings nor any other realized or unrealized financial gain. BTC $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings, or negative during periods when the Company has incurred fair value gains on its bitcoin holdings.
The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of common stock outstanding. As a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin. None of BPS (in Sats), BTC Yield, BTC Gain or BTC $ Gain is indicative or predictive of the trading price of the Company’s securities.
Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires the Company to measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and to recognize gains and losses from changes in the fair value in net income (loss) for the reported period.
Contacts
Strategy
CJ (Chaitanya Jain)
Head of Investor Relations
ir@strategy.com
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