Strategy (MSTR) reports $19.53 billion Q3 net income on bitcoin revaluation

what happened

Strategy Inc (MSTR) reported third-quarter 2026 net income of $19.53 billion, driven mainly by a $20.91 billion gain from revaluing its bitcoin. Revenue fell 3% to $125.4 million. As of October 25, the company held 848,517 BTC, roughly 4% of maximum supply. According to TradingView, it bought about $14.33 billion of bitcoin over that period, and the holdings were valued near $66.2 billion.

The company funds bitcoin purchases through a daily-dividend plan on its STRC preferred shares, with dividends starting November 1, 2026. Shareholders approved changes that allow daily dividend accrual. CFO Andrew Kang resigns effective November 5 and will remain an advisor through year-end, and Reza Virasteh takes over as CFO on January 1, 2027.

Mirae Asset also raised its MSTR stake by 24% in the third quarter.

why it matters

Quarterly profit came from bitcoin revaluation rather than operations, so the share price remains closely tied to the BTC price. A sharp drop in the cryptocurrency could hit both reported results and the company's ability to raise funds through its preferred shares. The company also sold about $431.8 million of bitcoin in 2026, which investors should weigh.

market impact

Bitcoin and MSTR: Strategy's shares are sensitive to BTC price given its large coin holdings

• ↔MSTR mixed — profit rose on revaluation, but BTC sales and the CFO change add uncertainty

tags

instruments