Strategy Sold 5,552 Bitcoin and Bought 7,218 in Q3 as a $20.9 Billion Markup Drove Profit

Strategy reported $20.91 billion of operating income for the third quarter on Thursday, all of it from a $20.91 billion gain on digital assets. Strategy carries its bitcoin at fair value, so the gain reflects a higher bitcoin price at quarter end, not cash from its business; excluding it, operations lost about $2.6 million. CFO Andrew Kang called it a “record $20.9 billion of operating income” on the company’s earnings call.

For the nine months through Sept. 30, Strategy still showed an operating loss of $1.89 billion, after bitcoin losses in the first and second quarters. Quarterly net income was $19.53 billion; after preferred dividends, $19.12 billion went to common stockholders, or $44.75 a diluted share.

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Strategy added 7,218 BTC in the quarter, down from 85,296 in the second, and sold 5,552 BTC to fund $239.9 million of preferred dividends and $108.6 million of STRC repurchases. It raised $5.41 billion selling MSTR common stock.

On the call, CEO Phong Le said “the primary way to acquire Bitcoin is by issuing digital credit,” with MSTR issuance coming “perhaps, if the mNAV starts to expand aggressively and we see an opportunity.” He said STRC, which fell below par in late spring and dropped to about $75 at the end of June, closed at $99.99 Thursday after roughly $2 billion of buybacks, with $957 million still authorized. Executive Chairman Michael Saylor called it “a general reasonable expectation that the company will return STRC to par within four months” of any future slip.

Kang said on the call he is leaving Nov. 5 “for personal reasons,” which the release did not state. Le serves as principal financial officer for the rest of 2026. From Jan. 1, 2027, Reza Virasteh, executive vice president of operations, becomes CFO and co-principal financial officer alongside Le, the release said. Le described it as a split: Virasteh covering software, and Le the bitcoin business while staying CEO.

Daily preferred dividends, approved by 99.3% of votes cast, begin with STRC’s Nov. 1 record date, Kang said.

Related Listen: Why Lyn Alden Says Strategy Let Its Dollar Reserve Slip Too Far

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