Strategy Raises Holdings to 848,517 Bitcoin, Posts Negative 3.7% Yield per Share
Key Facts
Strategy said on October 29 that its holdings reached 848,517 Bitcoin as of October 25, up 26% since the start of 2026, while its internal BTC Yield metric fell 3.7% over the same period. The company said it had sold about $431.8 million of Bitcoin since the start of the year to fund part of its preferred stock distributions and repurchase STRC shares. The figure is cumulative year to date and does not represent sales directly tied to the holdings announcement. BTC Yield measures the change in the amount of Bitcoin per share on an assumed diluted basis, according to Strategy's definition. The growth in total holdings and decline in the metric therefore reflect two different movements: the first measures the number of units the company owns, while the second tracks each share's portion of them.
The company’s holdings cost $64.02 billion to acquire and had an estimated market value of $68.90 billion as of October 25, with an average cost of about $75,446 per Bitcoin. These figures put the holdings near their acquisition cost on an aggregate basis, while their market value remains tied to Bitcoin’s market price. Strategy disclosed that it held 847,666 Bitcoin on September 30, at a total cost of $63.95 billion and an average cost of $75,436.6 per unit. It then announced holdings of 848,000 Bitcoin on October 4, before the total reached 848,517 on October 25. The sequence shows holdings increasing between the end of September and the final week of October, while the reported average cost rose from $75,436.6 to about $75,446.
In the third quarter of 2026, MSTR shares rose 76%, compared with a 43% increase in Bitcoin’s price, according to Strategy’s comparison. Meanwhile, the company’s revenue fell 3% year over year to $125.4 million, from $128.7 million in the third quarter of 2025. The company reported operating income of $20.91 billion, compared with $3.89 billion in the year-earlier period, and net income of $19.53 billion, versus $2.79 billion. Its filing said operating income included a $20.91 billion gain on digital assets, and the company linked the recognition of gains and losses to changes in Bitcoin’s fair value. Reported earnings therefore rose sharply alongside the digital-asset gain, while revenue activity recorded a year-over-year decline.
Strategy said it repurchased 20,980,508 STRC shares from the start of the year through October 25, for about $2.04 billion at an average price of $97.39 per share. It said $956.7 million of its buyback authorization remained available on that date. In the week from October 19 to 25, the company neither bought nor sold Bitcoin, but repurchased 2,068,459 STRC shares for $204.9 million using dollar cash reserves. After those transactions, $956.8 million remained available for the digital credit securities repurchase program, and $1 billion for the MSTR share repurchase program. The week’s figures show that the buybacks were funded with cash, while Bitcoin sales of $431.8 million remained a cumulative year-to-date figure.
Strategy raised its dollar reserve to $4.83 billion, alongside a cash balance of $242.4 million as of October 25, and said its dollar assets provide about 3.4 years of coverage for preferred stock distributions and debt interest. CEO Phong Le said the company had increased its dollar assets to $5.1 billion, extended coverage to 3.4 years and repurchased $2.0 billion of STRC shares. This liquidity comes as the company uses a mix of dollar reserves and Bitcoin sales to fund distributions and buybacks. Michael Saylor also said Bitcoin’s price was 21% above its 200-week moving average, describing that as the start of a new bull market. He added that digital credit had reached a face value of $16 billion across ten listed securities.
The company announced that daily distributions on STRC would begin on November 1, 2026, and on STRF, STRK and STRD on January 1, 2027. It also said Chief Financial Officer Andrew Kang would step down on November 5, 2026, with Reza Verasteh taking the role on January 1, 2027. MSTR closed at $130.51 on October 30, while Bitcoin closed at $77,368.77 that day, according to EL7 data. The upcoming distribution dates and CFO transition mark the next milestones the company announced after its third-quarter results. The closing prices offer a snapshot of the stock and Bitcoin in the last session before the news was published.