According to financial results reported by The Block, the company increased its net profit of 2,79 billion dollars from the same period last year by about sevenfold in the third quarter of 2026. A 20,91 billion dollar gain from the appreciation of its Bitcoin holdings was the main driver of record operating income.

As of October 25, Strategy held 848.517 BTC. Its holdings, which have grown 26 percent since the start of the year, were accompanied by a 3 percent year-over-year decline in software revenue to 125,4 million dollars. Despite the strong profit figures, MSTR shares fell about 3,5 percent after the earnings report.

Saylor points to a new bull market in Bitcoin

Strategy Chairman Michael Saylor cited banks’ adoption of Bitcoin, the return of institutional demand, and Bitcoin’s growing share of digital assets among the reasons for his positive outlook. He argued that they were at the beginning of the next bull market, noting that Bitcoin’s price was 21 percent above its 200-week moving average.

Saylor also reported that the company’s product group, which it calls “Digital Credit,” had reached a total nominal value of 16 billion dollars across ten publicly traded securities.

Preferred shares move to daily dividends

Holders of STRC, STRF, STRK, and STRD preferred shares approved a change allowing dividends to accrue daily. According to the voting results shared by Saylor, the proposal received 99,3 percent of the votes cast.

The first record date for STRC will be November 1, 2026, and the payment date will be November 2. For STRF, STRK, and STRD, the first record date will be January 1, 2027, and the payment date will be January 4. Going forward, each calendar day will count as a record date, with payment made on the following business day.

CEO Phong Le described the daily dividend as a natural step toward a tokenized financial system that operates continuously every day of the year. The company uses preferred share offerings to help finance its Bitcoin purchases. In an estimate earlier this month, K33 calculated that STRC had added 725 million dollars to its annual dividend obligations.

Strategy also reported carrying out 2,04 billion dollars in buybacks under STRC. There is also a change in financial leadership: CFO Andrew Kang will leave his position on November 5, while current COO Reza Virasteh will take over as CFO in January 2027.

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Data shared by CryptoQuant on October 28 show that the amount of Bitcoin on corporate balance sheets continues to grow. However, the distribution behind the total looks different from a picture in which many companies are accumulating Bitcoin at the same pace.

Strategy accounts for most of the growth in Bitcoin accumulation

Strategy accounted for 71% of the increase in publicly traded companies’ total Bitcoin holdings over the past 14 months. The other companies accounted for just 29% combined. These figures show who drove the growth during the period, not the ownership distribution of the current 1.3 million BTC.

This is also a critical point when it comes to the spread of the strategy of holding Bitcoin in corporate treasuries: While total holdings are growing, most of the new demand is concentrated in a single buyer.

Other companies are buying less and selling more

CryptoQuant says that companies other than Strategy are buying less Bitcoin, selling more, and seeing limited new entrants among companies accumulating Bitcoin. For this reason, the platform cautions against interpreting the overall growth as a broad-based resurgence in companies’ interest in Bitcoin.

The distinction highlighted by the data is between the total amount held by companies accumulating Bitcoin and the diversity of buyers contributing to that growth. The 1.3 million BTC figure shows the scale of holdings, while Strategy’s outsized share of the increase suggests that demand rests on a narrow base.

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An analysis by CoinDesk, based on research from Fidelity Digital Assets and views from industry analysts, focuses on the balance in the financing model used by Bitcoin treasury companies such as Strategy and Strive. The companies raise funds for Bitcoin purchases by selling preferred shares that pay regular dividends; as the number of shares outstanding grows, so does the dollar amount of their payment obligations.

Shares that fund Bitcoin purchases also create costs

According to Fidelity research analyst Zack Wainwright, these financing instruments supported purchases of approximately 136,000 Bitcoin in the 20 months since they were introduced. That amount represents more than 0.5% of Bitcoin’s maximum supply. Fidelity estimates the size of the Bitcoin-focused preferred stock market at approximately $12 billion.

These products sit between debt and common stock in the capital structure and offer regular dividends instead of voting rights. Their lack of fixed maturities reduces pressure on companies to refinance debt, while allowing them to reach investors seeking regular income who do not want to buy Bitcoin directly.

According to James Butterfill, head of research at CoinShares, Strategy’s variable-dividend STRC shares raised $7.5 billion in 2026 through the end of July. The dividend rate cited in the article is around 12%.

What is behind the $193 million buyback?

Butterfill says Strategy reported a $193 million STRC buyback and a purchase of 267 BTC in its latest weekly update. The company’s authorization for preferred stock buybacks was also increased to $3 billion.

Shares bought back can reduce future dividend payments. But since the same money could be used to buy Bitcoin today, the two options compete for the company’s capital. Butterfill also says Strategy previously sold some Bitcoin to fund its preferred stock dividends.

According to StoneX analyst Mark Palmer, the model can support new purchases only if the shares trade at or near par value. When the price falls below par, issuing new shares becomes less attractive, and buybacks may take priority.

If financing conditions deteriorate, Bitcoin demand may also weaken

Two Prime CEO Alex Blume cites STRC’s brief decline into the $70 range at the end of June as an example of volatility. The price of these shares is influenced not only by Bitcoin but also by company management, obligations, and conditions in the capital markets.

Bitwise head of research Ryan Rasmussen says preferred shares attract a different investor base but expects Bitcoin ETFs to become a larger source of demand over the long term. According to data shared by Butterfill, total net inflows into U.S. spot Bitcoin ETFs are approximately $57 billion, while assets under management are approximately $106 billion.

Net inflows into ETFs increase the funds’ Bitcoin holdings, while company management decides how to use money raised from preferred stock sales. According to Butterfill, this model supports purchases when financing conditions are favorable, but its contribution can decline when investor confidence weakens.

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According to The Block, citing a filing with the U.S. Securities and Exchange Commission (SEC), the company, chaired by Michael Saylor, bought 267 BTC at an average price of $82,900 over the week. Thus, the world’s largest publicly traded Bitcoin treasury company continued buying even as its share price fell.

What is Strategy’s total cost for its Bitcoin?

Following the latest purchase, the company’s Bitcoin holdings reached 848.517 BTC. The total cost of this accumulation was approximately $64 billion, with an average cost of $75,446 per Bitcoin. The amount held by Strategy represents more than 4% of Bitcoin’s maximum supply of 21 million.

MSTR shares fell 11.3% last week, closing Friday at $136.83. Bitcoin’s loss over the same period was 2.6%.

Where did the money for the weekly purchase come from?

Strategy covered approximately $22 million of the purchase with proceeds from the sale of 140.872 MSTR shares. The remaining approximately $100,000 came from the company’s cash balance. Approximately $18.79 billion in capacity remained under the program that allows it to sell shares on the market.

During the same period, the company used approximately $193.1 million to repurchase STRC preferred shares and $45.5 million for preferred stock dividends. The board also raised the repurchase program’s limit for its digital credit securities from $2 billion to $3 billion.

As of October 18, Strategy’s separately tracked USD Cash balance was $447.3 million, while its USD Reserve balance was $4.83 billion.

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According to CoinDesk, MSCI, one of the world’s major index providers, finalized rules that could exclude companies that primarily hold investment assets and have no significant business operations. In an initial screening based on May 2026 data, Strategy and Metaplanet were among the companies that could be removed from the ACWI Investable Market Index.

The final list will be announced on November 11, and the changes will take effect at the close on November 30. This turns the index risk debated for months by Bitcoin treasury companies into a review process with a set timeline.

Where does the $2.8 billion in potential selling come from?

Funds that track an index build their portfolios around the companies in that index. When a company is removed, those funds also have to sell their shares in it. JPMorgan analysts estimate that removing Strategy from the indexes could lead to approximately $2.8 billion in outflows from MSTR shares.

This risk is particularly significant for Strategy, which has the largest Bitcoin treasury among publicly traded companies. According to Bitcoin Treasuries data cited in the report, the company holds 848,250 BTC and uses preferred shares such as STRC and STRK to finance its purchases.

The potential forced selling involves shares in the company held by funds, not the Bitcoin held by Strategy. But weaker demand for its shares could make it harder to raise money through new offerings and use those funds to buy Bitcoin. That financing channel is the key link the market will be watching.

What criteria will MSCI use to screen companies?

MSCI will first assess whether a company has significant assets tied to its actual business operations. Companies that do not pass this stage will be subject to five financial criteria covering factors such as expenses, cash flow, changes in asset values, and reliance on external financing. Companies that fail at least four criteria will not be considered eligible for the index.

For an existing company to be removed from the index, it must fail the screening in both of the last two reporting periods. This requirement is intended to prevent frequent index changes based on the results of a single period. In addition to Strategy and Metaplanet, British uranium investment company Yellow Cake was also included on the initial list of potential removals.

MSCI is also ending the temporary measures it applies to companies whose digital assets make up at least 50 percent of their total assets. These companies will be assessed under the new rules starting with the November review.

Strategy founder Michael Saylor, meanwhile, argues that the company is a business with a software operation and that its Bitcoin treasury should be considered a separate line of business. He opposes treating it as an investment fund.

$2.8B in Strategy Stock Sales at Risk: Could Bitcoin Buying Get Harder? isimli makale Fatih TAŞDEMİR tarafından hazırlanmış ve koinbulteni.comda yayınlanmıştır.

According to an analysis reported by The Block, research and brokerage firm K33 examined how Strategy financed its Bitcoin purchases. Head of Research Vetle Lunde built a hypothetical model in which the company relied far less on STRC preferred shares and questioned the efficiency of that approach.

A 4,947 BTC difference against billions of dollars in financing

Strategy’s actual holdings on October 12 were 848,250 BTC. In K33’s alternative scenario, the company was calculated to hold 843,303 BTC. The difference was 4,947 BTC.

The model excludes approximately $7.5 billion raised through STRC in the first half of 2026. Instead, it assumes that the $4 billion the company allocated to its dollar reserve from May to August and the $1.6 billion it spent on STRC buybacks were directed toward Bitcoin purchases.

The calculation assumes that 90% of STRC dividends were avoided and that the savings were also used to buy Bitcoin. While MSTR common stock issuance is held constant, weekly average Bitcoin prices are used for the purchases. Thus, the comparison is based on a model built on these assumptions, not on a second portfolio that actually existed.

$725 million in additional annual costs

Preferred shares provided Strategy with funds to buy Bitcoin without issuing more MSTR shares and helped it acquire approximately 100,000 BTC in the first half of the year. However, this financing also increased its regular dividend obligations.

K33 calculated that the company’s annual preferred stock dividend burden had risen from approximately $830 million at the beginning of the year to $1.56 billion. It attributed $725 million of the increase to the expansion of STRC.

At a Bitcoin price of $83,000, this additional annual cost is equivalent to approximately 8,740 BTC. According to Lunde, if the cost remains at this level, it could equal the 4,947 BTC accumulation advantage in the model in about seven months. Based on this calculation, the analyst judged the preferred stock model to be a mistake.

Is selling Bitcoin inevitable?

The company’s dollar reserve provides an important buffer against its payment obligations. K33 estimates that the reserve could cover approximately 42 months of dividends, thereby reducing the likelihood of Bitcoin sales.

Lunde’s criticism also extends to the cost of holding cash: He questions the spread based on the assumption that the reserve earns 4% while the STRC coupon is 12%. K33 believes issuing common stock could be more efficient for future Bitcoin purchases.

In September, Strategy also proposed switching to daily dividend payments for STRC and three other preferred shares. According to the company, this change, which requires shareholder approval, is not expected to increase its regular dividend obligations.

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According to a report cited by The Block, TD Cowen analysts Lance Vitanza and Jonnathan Navarrete maintained their $260 price target and “Buy” rating for Strategy (MSTR) despite raising their forecast for Bitcoin. Behind this divergence are the company’s debt, preferred stock, and the dilutive effect of new financing.

Year-end and 2029 outlook for Bitcoin

The firm’s updated model projects Bitcoin at about $109,000 by the end of 2026 and $280,000 in 2029. On Thursday, when the article was prepared, Bitcoin was trading at about $81,300 and was down roughly 9% since the start of the year.

This outlook offers a more optimistic year-end view than QCP Capital’s base-case scenario of $80,000–$90,000 for the final quarter.

Why might Strategy shareholders not benefit as much?

According to TD Cowen, a rise in Bitcoin’s price could strengthen Strategy’s earnings potential, but how much of that benefit flows through per MSTR share depends on the company’s capital structure. New share issuance dilutes existing owners’ stakes, while debt and the rights of preferred stockholders are also factored into the calculation.

The analysts specifically point to the rights of preferred stockholders, including those holding STRC, STRF, and STRD, which take priority over those of common MSTR shareholders. When these obligations are taken into account, growth in the company’s total Bitcoin holdings may not translate into an equally strong increase on a per-share basis.

Strategy is using some of the money it raises to build a cash reserve and support its preferred stock. While this approach may contribute to future financing and Bitcoin purchases, it reduces the amount currently allocated directly to buying Bitcoin.

Price target still implies 73% upside

Strategy shares had fallen about 2.5% to $150 at the time of the report. TD Cowen’s unchanged $260 target represents approximately 73% upside potential from that level.

According to Saylor Tracker data, the company’s valuation relative to its net asset value has recovered from 0.63 times in June to about 1 times. The company’s 848,000 BTC holdings carry about $4.5 billion in unrealized gains. The report’s central distinction is how much of those total asset gains can be passed on to shareholders.

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According to the company statement reported by Wu Blockchain, the 334 BTC purchase was made between October 1 and 4 at an average price of $85,838.8 per Bitcoin. The new purchase was funded with $15.7 million in net proceeds from MSTR share sales and $13 million in cash.

How much Bitcoin does Strategy hold now?

The company’s reserve rose from 847,666 BTC on September 30 to 848,000 BTC as of October 4. The total purchase cost for its Bitcoin was approximately $63.97 billion, with an average cost of $75,440.7 per BTC; these figures include fees and expenses.

Share buyback exceeds Bitcoin purchase

Strategy repurchased approximately $176.3 million worth of STRC shares between September 28 and October 4. As a result, the share buyback amount disclosed in the weekly update was about six times the amount allocated to the new Bitcoin purchase.

The company also estimated its third-quarter gain on digital assets at $20.91 billion. The reported value of its Bitcoin holdings as of September 30 was $70.82 billion.

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According to a company update reported by Wu Blockchain, Strategy purchased 1,665 BTC between September 21 and 27. The total cost of the purchase was $142.7 million, at an average price of $85,681 per Bitcoin.

With these transactions, the company’s Bitcoin holdings reached 847,666 BTC as of September 27. The total acquisition cost was reported as $63.95 billion, with an average cost of $75,437 per Bitcoin. The company also holds $6.02 billion in cash.

Proceeds from stock sales were split in two

During the same period, Strategy raised $246.2 million in net proceeds by selling 1,469,165 MSTR shares through its at-the-market (ATM) program, which allows it to sell shares into the market. Of that amount, $142.7 million went toward Bitcoin purchases, while $103.5 million was allocated to repurchasing STRC shares.

STRC is one of the company’s preferred share classes. The notable detail this week was that total repurchases of these shares exceeded the amount spent on Bitcoin.

STRC buybacks reached about $152 million

Over the week, the company repurchased a total of 1,534,530 STRC shares for $151.7 million. This brought the amount spent on share buybacks to about $9 million more than its Bitcoin purchases during the same period.

The $103.5 million in proceeds from MSTR sales funded part of these buybacks. Strategy did not issue any new preferred shares during the same week.

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According to a report by The Block based on an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC), the total cost of Strategy’s latest purchase was approximately $75.7 million. The company’s return to purchasing after holding its Bitcoin holdings steady in recent weeks constitutes the main development of this week’s announcement.

Cost of New Purchase Above Total Average

The $79,670 paid per Bitcoin in the latest purchase is above the $75,416 average cost of the company’s entire Bitcoin reserve. According to data disclosed by Michael Saylor, the total purchase cost, including fees and expenses, stands at approximately $63.8 billion.

At the prices mentioned in the report, Strategy’s Bitcoin holdings are valued at approximately $71.9 billion. The difference of about $8.1 billion compared to the cost is not a realized gain through sale, but rather an increase in the value of the assets held.

The company’s 846,000 BTC corresponds to more than 4 percent of Bitcoin’s maximum supply of 21 million. However, this threshold was not crossed for the first time with the latest 950 BTC purchase: The 845,050 BTC held before the latest purchase was also above the 4 percent limit, which equates to 840,000 BTC.

Purchase Funded by Company’s Cash

The new Bitcoin purchase was financed from the USD Cash account. During the same period, Strategy repurchased 1.77 million STRC preferred shares for approximately $174 million. Additionally, it used $57.4 million from a separate USD Reserve account to pay preferred share dividends and debt interest.

According to the September 20 balances announced by the company, there was $1.05 billion in the USD Cash account and $5.04 billion in the USD Reserve account. These two cash items are kept separate from the company’s Bitcoin reserve.

Maintaining Its Lead Among Publicly Traded Companies

According to Bitcoin Treasuries data cited by The Block, 196 publicly traded companies have adopted a model for acquiring Bitcoin. Following Strategy, Twenty One holds approximately 43,514 BTC, while Metaplanet holds 43,000 BTC. This comparison demonstrates the scale of Strategy’s Bitcoin reserve leadership among public companies.

Saylor had shared a tracking chart showing Bitcoin purchases on Sunday. This time, the expectation was clarified by the realized purchase disclosed in the SEC filing.

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Strategy did not buy or sell Bitcoin between September 8-13 and did not sell shares through its ATM program. According to information reported by Wu Blockchain, the company used its capital during this period to repurchase its own preferred shares.

The company spent a total of $139.3 million to repurchase 1,420,467 STRC shares. No transactions were conducted for STRF, STRK, and STRD shares, or for MSTR shares, within the repurchase program.

Strategy’s Bitcoin reserves remained unchanged

Strategy’s Bitcoin reserves remained at 845,050 BTC as of September 13. While the company acquired these assets for a total of $63.73 billion, the average acquisition cost was $75,412 per Bitcoin.

The $139.3 million in funds used was directed specifically toward STRC repurchases.

Strategy’s dollar reserves were announced as $5.10 billion, with cash assets at $1.30 billion on the same date. The repurchase program has an additional capacity of $1.05 billion for preferred shares and $1 billion for MSTR shares.

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Strategy, which holds a corporate Bitcoin treasury, focused on buybacks targeting its capital structure last week instead of increasing its Bitcoin reserves. According to the 8-K filing submitted to the SEC, the company’s Bitcoin holdings remained steady at 845,050 BTC.

While the value of this reserve is calculated at approximately $66.1 billion, the amount of Bitcoin held by the company corresponds to more than 4 percent of the total supply limit. During the period when it did not trade Bitcoin, Strategy repurchased 1.81 million STRC preferred shares for $176.3 million.

Strategy expanded STRC buyback

The company also increased the size of its buyback program for digital lending securities from $1 billion to $2 billion. Thus, in the past week, the company repurchased STRC shares and expanded its digital lending securities buyback program instead of making new Bitcoin purchases.

It was stated that the buybacks were financed using the company’s USD Cash reserve. As of September 7, Strategy’s USD Reserve balance stood at $5.10 billion, while its USD Cash balance was at $1.44 billion.

Although Strategy’s Bitcoin reserves remained unchanged, the company has brought its total holdings to 845,050 BTC through previous purchases. The development over the last week was the decision not to add new Bitcoin to this massive reserve and instead direct the company’s existing cash toward capital buybacks.

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