𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐐𝟑 𝟐𝟎𝟐𝟔 𝟐𝟏𝐁 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐈𝐧𝐜𝐨𝐦𝐞 𝐨𝐧 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐆𝐚𝐢𝐧𝐬 𝐁𝐓𝐂 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐑𝐞𝐚𝐜𝐡

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue: $125.4M (-3% YoY)

• GAAP EPS: $44.75 vs. $8.42 YoY

• Net Income: $19.53B vs. $2.79B YoY

• Net Income Attributable to Common Stockholders: $19.12B

• Operating Income: $20.91B vs. $3.89B YoY

• Digital Asset Gains: $20.91B

• Gross Margin: 71% vs. 70% YoY

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Bitcoin holdings reached 848,517 BTC (+26% YTD), valued at ~$68.9B as of October 23

• Average Bitcoin acquisition cost: ~$75,446 per BTC

• Purchased $14.33B in Bitcoin YTD

• BTC Yield: -3.7% YTD; BTC $ Gain: -$2.03B YTD

• Raised $21.23B in capital YTD, including $5.41B through MSTR ATM offerings in Q3

• Repurchased ~$2.04B of STRC preferred shares at an average price of $97.39

• USD Assets reached $5.07B, covering ~3.4 years of preferred dividends and debt interest

• Sold ~$431.8M in Bitcoin YTD to support preferred dividends and STRC repurchases

• STRC transitions to daily dividends November 1; STRF, STRK and STRD follow January 1, 2027

• CFO Andrew Kang steps down November 5; Reza Virasteh assumes CFO role January 1, 2027

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Q3 operating income of $21 billion was the largest ever in Strategy’s history.” — CFO Andrew Kang

𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐐𝟑 𝟐𝟎𝟐𝟔: $𝟐𝟏𝐁 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐈𝐧𝐜𝐨𝐦𝐞 𝐨𝐧 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐆𝐚𝐢𝐧𝐬, 𝐁𝐓𝐂 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐑𝐞𝐚𝐜𝐡