Strategy reported operating income of $20.91 billion in Q3 2026, compared with $3.89 billion a year earlier, driven mainly by the appreciation of its bitcoin holdings. The company spent approximately $14.33 billion on bitcoin purchases during the quarter and held about 848,517 BTC worth $66.48 billion, up 26% since the beginning of the year. MSTR shares have not kept pace: the stock was down 6.80% in 2026, while its year-to-date bitcoin yield stood at negative 3.7% as share dilution outpaced bitcoin accumulation on a per-share basis. Total revenue fell 3% to $125.4 million, while the company raised approximately $21.23 billion through capital markets to finance bitcoin purchases. MSTR was trading at $141.62 after a 2.44% decline in the latest session cited.
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