Strategy's Q3 10-Q: $19.53B Net Income, But BTC Yield Turns Negative at (11.9)%
MSTR sits 61% above its 52-week low of $81.81.
Summary
Strategy's Q3 10-Q confirms the previously announced $19.53 billion net income on a $20.91 billion bitcoin mark-up, but shows BTC Yield turned negative at (11.9)% as stock sales funded dividends and buybacks instead of new bitcoin.
Key Events · Earnings and Guidance · MSTR
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Q3 Profit Is a Bitcoin Mark-Up
Net income of $19.53 billion ($44.75 diluted EPS) came from a $20.91 billion gain on digital assets; software revenue was $125.4 million, down $3.3 million year over year.
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BTC Yield Turns Negative
BTC Yield was (11.9)% for Q3 and (3.7)% for the nine months versus 6.2% and 25.9% a year earlier, as class A stock sales funded dividends and STRC repurchases rather than bitcoin purchases.
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Treasury at 847,666 BTC
Bitcoin holdings carried at $70.82 billion fair value against a $63.95 billion cost basis; the company sold 5,552 BTC in Q3 for $348.6 million.
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Debt Cut, Buyback Expanded
Repurchased $1.50 billion principal of 2029 notes for $1.38 billion (a $113.9 million gain) and lifted the preferred repurchase authorization to $3.0 billion in October 2026.
Analysis · MSTR · Crypto Assets
The headline numbers were already out on October 29, so the new information is in the detail. Strategy's bitcoin-per-share accretion engine reversed: BTC Yield was (11.9)% for the quarter and (3.7)% for the nine months, against 6.2% and 25.9% a year earlier, because the company sold class A stock to fund dividends, buy back STRC preferred and build its dollar reserve rather than to buy bitcoin. That matters more than the $19.53 billion of net income, which is a mark-to-market gain on 847,666 BTC and reverses with the bitcoin price. The balance sheet is still liquid — $5.80 billion of USD Assets against roughly $1.59 billion of annual preferred dividends and note interest — but the company now depends on continuous equity issuance and periodic bitcoin sales to service a $6.75 billion debt stack and a preferred dividend bill that ran $1.05 billion in nine months.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1910 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MSTR was trading at $131.49 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $55.2B. The 52-week trading range was $81.81 to $276.32. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.