Strategy 8-K

Summary

Preliminary Q3 2026 financial update and capital deployment. Strategy estimated a $20.9B digital-asset gain and $1.88B deferred tax expense for the quarter; a tax-allowance release reduced the estimated expense from ≈$6.0B. The update also reported bitcoin purchases, STRC preferred-stock repurchases and MSTR common-stock sales.

Key Figures

• Tax and assets: the reversal of the $4.12B deferred tax asset and release of its valuation allowance produced an ≈$4.12B tax benefit. At 9/30/2026, estimated digital-asset carrying value was $70.8B and net deferred tax liability related to bitcoin holdings and activity was $1.88B; estimates exclude deferred tax assets and valuation allowances tied to software operations.
• Bitcoin: Strategy acquired 334 BTC for $28.7M during 10/1–10/4, funded by $15.7M of MSTR sale proceeds and $13.0M of USD Cash. At 10/4, holdings were 848,000 BTC, with $64.0B aggregate purchase price and $75,400 average purchase price per BTC.
• Capital activity and liquidity: Strategy repurchased 1,033,168 STRC shares for $102.6M during 9/28–9/30 and 740,634 for $73.7M during 10/1–10/4. It sold 92,894 MSTR shares under its at-the-market program during 10/1–10/4, receiving $15.7M net proceeds used for bitcoin purchases. At 10/4, USD Reserve was $4.88B and USD Cash was $833M; remaining preferred-stock repurchase authorization was $547.2M, and MSTR repurchase authorization was $1.0B.

Guidance

No guidance in this filing.

Investor Takeaways

• Final Q3 financial statements will show how the preliminary gain and tax estimates resolve; bitcoin prices can change the reported gain, deferred tax assets and tax expense.