Bitcoin Magazine
Strategy (MSTR) Posts Record Operating Income as Bitcoin Rebounds in Q3 2026
Strategy posted the largest operating income in its history on Thursday, booking $20.91 billion for the third quarter of 2026. Most of that total came from a paper gain on the company’s bitcoin stack.
Net income reached $19.53 billion, or $44.75 per diluted share, up from $2.79 billion a year earlier.
Chief Financial Officer Andrew Kang, who announced his departure in the same release, framed the result plainly: “Q3 operating income of $21 billion was the largest ever in Strategy’s history.”
Strategy marks its bitcoin to market each quarter, so every price move flows into earnings. Bitcoin rallied during the period. The company’s 848,517 bitcoin were worth $68.9 billion as of October 23, when the token traded at $81,200. The holdings carry an average cost of $75,446, which leaves the position in the black on paper.
Kang pointed to the purchases as the engine of the quarter, saying the company “increased our bitcoin holdings by 26% year-to-date in a challenging bitcoin market.”
Total revenue fell 3%from a year ago to $125.4 million, below analyst estimates of $127.2 million. Gross profit came in at $89.6 million, a 71% margin compared with 70% a year earlier. The company ended September with $2.50 billion in cash and equivalents and $3.40 billion in short-term investments.
Bitcoin per share, the metric management uses as its main yardstick, moved the other way. 7% for the year, meaning each share holds less bitcoin than it did in January.
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