Stock

# Strategy (MSTR)

Strategy reported Q3 operating income of $20.91 billion, from a gain on its bitcoin, grew its US dollar reserve to $5.07 billion, and said its CFO will step down on 2026-11-05.

Updated Oct 30, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

## What it does

Strategy owns about 848,517 bitcoin, acquired for $64.02 billion. It raises money by issuing common stock and four series of preferred stock (STRF, STRC, STRK and STRD). It keeps a US dollar reserve, which it uses to pay preferred dividends.

## Role in the theme

In **Crypto**, Strategy is the bitcoin treasury company of the group. Its reported results turn mainly on the bitcoin price.

## Latest

- **2026-10-29 (Q3 results):** Operating income was $20.91 billion, which includes a $20.91 billion gain on its digital assets. Net income was $19.53 billion; diluted earnings per common share were $44.75.
- **2026-10-29:** As of 2026-10-25, Strategy said it had repurchased $2.04 billion of STRC preferred stock, including trades not yet settled, and its US dollar assets were $5.07 billion, which it said cover 3.4 years of dividend and interest obligations.
- **2026-10-29:** Chief Financial Officer Andrew Kang will step down on 2026-11-05. CEO Phong Le will act as principal financial officer, and Reza Virasteh, now head of operations, becomes CFO on 2027-01-01.
- **2026-10-28:** Preliminary results of a special meeting show approval of changes that let the four preferred series pay daily dividends. The daily schedule starts on 2026-11-01 for STRC and on 2027-01-01 for the other three.
- **2026-10-26:** Strategy acquired no bitcoin from 2026-10-19 to 2026-10-25 and issued no stock under its at-the-market programs.

## What to watch

- Whether bitcoin purchases resume, or preferred repurchases continue.
- The US dollar reserve, $5.07 billion on 2026-10-25.
- The CFO handover on 2026-11-05 and 2027-01-01.
- Next report: Q4 2026 results, date not yet announced.

## Covered in

- Theme: [Crypto](/research/themes/crypto)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Strategy Q3 2026 results (8-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1050446/000105044626000047/mstr-20261029x8kxex9912.htm)Primary 2026-10-29
- [Strategy 8-K: special meeting results on daily preferred dividends](https://www.sec.gov/Archives/edgar/data/1050446/000119312526435451/mstr-20261028.htm)Primary 2026-10-28
- [Strategy 8-K: update for 2026-10-19 to 2026-10-25](https://www.sec.gov/Archives/edgar/data/1050446/000119312526431146/mstr-20261026.htm)Primary 2026-10-26
- [Strategy 8-K: update for 2026-10-12 to 2026-10-18](https://www.sec.gov/Archives/edgar/data/1050446/000119312526424688/mstr-20261019.htm)Primary 2026-10-19
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