Strategy
What matters nowUpdated 21 h ago
- Strategy said on October 12 that it bought 250 bitcoin at an average of $86,194 for October 5 to 11, lifting holdings to 848,250 BTC, and repurchased 1,932,145 STRC shares for $192.4 million. The USD Reserve was $4.88 billion, down from $5.02 billion in late September.
- Preferred stock vote: a virtual special meeting on October 28 at 10:00 a.m. ET will decide amendments that would move STRF, STRC, STRK and STRD dividends to daily record dates. Chairman Michael Saylor's video says STRC would pay daily from November 1 and the others from January 1, 2027.
- STRC: the rate stays at 12.00% from the periods starting October 16, with a $0.50 semi-monthly dividend (record date October 15, payable October 31); a second $0.50 dividend for November 15 is conditional on the shareholder vote.
- Barclays raised its price target to $175 from $160 on October 9 and kept Overweight.
- Next: Q3 2026 results after the US close on October 29, with a webinar at 5:00 p.m. ET. The Q3 report will show the bitcoin fair-value swing for the quarter. Weekly 8-K purchase filings arrive on Mondays; quarterly preferred dividends are due around December 31, and the FY2026 Form 10-K deadline is March 1, 2027.
Strategy Inc, formerly MicroStrategy Incorporated (renamed August 11, 2025), runs two businesses under one listing. Its software unit sells the Strategy One business intelligence platform and the Strategy Mosaic data layer to large enterprises, and it reported $477.2 million of 2025 revenue. Its treasury strategy holds bitcoin as the main reserve asset, about 848,000 BTC as of October 4, 2026, and funds purchases mainly by selling Class A common stock and perpetual preferred 'digital credit' securities (STRK, STRF, STRD, STRC) through at-the-market programs.↗ source
How it makes money
Software revenue from subscriptions, product support, licenses and other services pays the operating costs, while the bitcoin treasury is financed by equity and preferred sales. Preferred dividends are a large recurring cash obligation, which the company covers with a USD Reserve ($4.88 billion as of October 4, 2026) and a BTC Monetization Program that can sell bitcoin to fund it. Reported GAAP results swing heavily with bitcoin's fair value, so quarterly net income or loss mostly reflects the price of bitcoin, while operating software revenue grows slowly.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings↗ (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Enterprise analytics software (Strategy One and Strategy Mosaic)
Q2 2026 revenue $122.4M (+6.9% YoY); subscription services up 54% to $62.9M while product support fell to $40.2M.
Bitcoin treasury
848,000 BTC as of October 4, 2026, with a $63.97B cost basis (average $75,441 per BTC).
STRC (Variable Rate Series A Perpetual Stretch Preferred)
Dividend held at 12.00% (semi-monthly, $0.50 per share). Repurchased about 1.77M shares for $176M from Sep 28 to Oct 4, 2026.
Next: Semi-monthly STRC dividend of $0.50 per share payable · 2026-10-15
STRF (10.00% Series A Perpetual Strife Preferred)
Quarterly dividend $2.50 per share (10.00% a year) declared Aug 31, 2026 for the quarter ending Sep 30. ATM capacity $1.62B.
Latest newsAll news →
Strategy buys 250 BTC for $21.5M and repurchases $192.4M of STRC, holdings 848,250
Strategy said on October 12 that it bought 250 bitcoin at an average of $86,194 for the period October 5 to 11, lifting holdings to 848,250 BTC.
Barclays raises Strategy price target to $175 from $160, keeps Overweight
Barclays raised its price target on Strategy to $175 from $160 on October 9, 2026, and kept its Overweight rating.
Strategy sets Q3 2026 results for Oct 29 after the close, webinar at 5:00 p.m. ET
Strategy announced on October 8 that it will release third-quarter 2026 results after U.S.
Strategy holds 848,000 BTC after buying 334 BTC for $28.7M in Oct 1-4
An 8-K filed October 5, 2026 shows Strategy bought 334 bitcoin for $28.7 million between October 1 and 4, lifting holdings to 848,000 BTC, after no purchases on September 28 to 30.
Strategy keeps STRC at 12.00% and declares $0.50 dividend for period ending Oct 31
An 8-K reporting events of September 30 and signed October 1 says Strategy will keep the STRC dividend rate at 12.00% from the periods starting October 16.
Strategy 8-K: 1,665 BTC bought for $142.7M, holdings 847,666; STRC buybacks of $151.7M
Strategy's 8-K filed September 28 covers September 21 to 27.
Products & businesses
Enterprise analytics software (Strategy One and Strategy Mosaic)
Q2 2026 revenue $122.4M (+6.9% YoY); subscription services up 54% to $62.9M while product support fell to $40.2M.
Bitcoin treasury
848,000 BTC as of October 4, 2026, with a $63.97B cost basis (average $75,441 per BTC).
STRC (Variable Rate Series A Perpetual Stretch Preferred)
Dividend held at 12.00% (semi-monthly, $0.50 per share). Repurchased about 1.77M shares for $176M from Sep 28 to Oct 4, 2026.
Next: Semi-monthly STRC dividend of $0.50 per share payable · 2026-10-15
STRF (10.00% Series A Perpetual Strife Preferred)
Quarterly dividend $2.50 per share (10.00% a year) declared Aug 31, 2026 for the quarter ending Sep 30. ATM capacity $1.62B.
STRK (8.00% Series A Perpetual Strike Preferred)
Quarterly 8.00% dividend, $2.00 per share declared Aug 31, 2026. ATM capacity $2.10B.
STRD (10.00% Series A Perpetual Stride Preferred)
Quarterly 10.00% dividend, $2.50 per share declared Aug 31, 2026. ATM capacity $4.01B.
At-the-market equity programs
MSTR common ATM has $18.83B capacity left as of Oct 4, 2026; STRC program has $17.51B.
USD Reserve
USD Reserve $4.88B on Oct 4, 2026 (USD Cash $833.4M of it), up from $3.75B on Jul 26, 2026.
BTC Monetization Program
Authorizes up to $1.25B of bitcoin sales to fund the USD Reserve. $218.4M sold year to date through Jul 30, 2026.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Subscription services↗ Recurring cloud and subscription fees for the Strategy One analytics platform. The fastest-growing software revenue line in 2025. | $175.7M | 36.8% | |
| Product support↗ Maintenance and support fees on the installed base of licensed analytics software. The largest software revenue line, but shrinking in 2025. | $204.2M | 42.8% | |
| Other services↗ Consulting, training and other professional services sold alongside the software. | $57.7M | 12.1% | |
| Product licenses↗ Perpetual and term licenses for on-premises analytics software. | $39.7M | 8.3% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings↗ (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026↗ 2026-06-30 | Q1 FY2026↗ 2026-03-31 | Q4 FY2025↗ 2025-12-31 | Q3 FY2025↗ 2025-09-30 | Q2 FY2025↗ 2025-06-30 | Q1 FY2025↗ 2025-03-31 | Q4 FY2024↗ 2024-12-31 | Q3 FY2024↗ 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $498.3M | $122.4M +7% | $124.3M +12% | $123.0Md +2% | $128.7M +11% | $114.5M +3% | $111.1M -4% | $120.7Md -3% | $116.1M -10% |
| Gross profit | $336.9M | $81.5M +4% | $83.4M +8% | $81.3Md -6% | $90.7M +11% | $78.7M -2% | $77.1M -10% | $86.5Md -10% | $81.7M -21% |
| Operating income | −$36.36B | −$8.33B -159% | −$14.47B | −$17.45Bd | $3.89B | $14.03B | −$5.92B | −$1.02Bd | −$432.6M |
| Net income | −$30.41B | −$8.22B -182% | −$12.54B | −$12.44Bd | $2.79B | $10.02B | −$4.22B | −$670.8M -853% | −$340.2M |
| EPS (diluted) | — | −$24.45 -175% | −$38.25 | — | $8.42 | $32.60 | −$16.49 | −$3.35d -1440% | −$1.72 |
| Operating cash flow | −$20.1M | −$4.1Md | $14.0M | −$21.6Md | −$8.3Md | −$34.9Md | −$2.4M -108% | −$17.3Md -1563% | −$41.0Md |
| Capital expenditure | $6.1M | $1.8Md -16% | $952.0K -65% | $584.0Kd +106% | $2.8Md +557% | $2.1Md +190% | $2.7M +77% | $284.0Kd -18% | $426.0Kd -71% |
| Share buybacks | — | — | — | — | — | — | — | — | — |
| Cash & equivalents | $1.71B | $1.71B | $2.21B | $2.30B | $54.3M | $50.1M | $60.3M | $38.1M | $46.3M |
| Total debt | $6.71B | $6.71B | $8.20B | $8.19B | $8.17B | $8.16B | $8.14B | $7.19B | $4.21B |
| Metric | FY2025↗ 2025-12-31 | FY2024↗ 2024-12-31 | FY2023↗ 2023-12-31 | FY2022↗ 2022-12-31 |
|---|---|---|---|---|
| Revenue | $477.2M +3% | $463.5M -7% | $496.3M -1% | $499.3M |
| Cost of revenue | $149.4M +15% | $129.5M +18% | $109.9M +7% | $103.0M |
| Gross profit | $327.8M -2% | $334.0M -14% | $386.3M -3% | $396.3M |
| Research & development | $93.9M -21% | $118.5M -2% | $120.5M -5% | $127.4M |
| Operating income | −$5.44B | −$1.85B | −$115.0M | −$1.28B |
| EBIT | −$5.44B | −$1.85B | −$115.0M | −$1.28B |
| Pre-tax income | −$5.53B | −$1.93B | −$124.5M | −$1.32B |
| Depreciation & amortization | $25.5M +43% | $17.8M +23% | $14.5M +34% | $10.9M |
| Income tax | −$1.68B | −$767.7M | −$553.6M -476% | $147.3M |
| Net income | −$3.85B | −$1.17B -372% | $429.1M | −$1.47B |
| EPS (diluted) | −$15.23 | −$6.06 -330% | $2.64 | −$12.98 |
| Diluted shares (weighted) | 277.7M | 192.5M | 165.7M | 113.2M |
| Operating cash flow | −$67.2M | −$53.0M -517% | $12.7M +296% | $3.2M |
| Capital expenditure | $8.2M +176% | $3.0M +1% | $2.9M +18% | $2.5M |
| Share buybacks | — | — | — | $0 |
| Cash & equivalents | $2.30B | $38.1M | $46.8M | $43.8M |
| Long-term debt (incl. current portion) | $8.19B | $7.19B | $2.18B | $2.38B |
| Total debt | $8.19B | $7.19B | $2.18B | $2.38B |
| Total assets | $61.64B | $25.84B | $4.76B | $2.41B |
| Total liabilities | $10.60B | $7.61B | $2.60B | $2.79B |
| Shareholders' equity | $44.12B | $30.98B | $2.16B | −$383.1M |
From XBRL data in SEC filings; the ↗ on each period opens the filing it was read from. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Strategy buys 250 BTC for $21.5M and repurchases $192.4M of STRC, holdings 848,250
Strategy said on October 12 that it bought 250 bitcoin at an average of $86,194 for the period October 5 to 11, lifting holdings to 848,250 BTC.
Barclays raises Strategy price target to $175 from $160, keeps Overweight
Barclays raised its price target on Strategy to $175 from $160 on October 9, 2026, and kept its Overweight rating.
Strategy sets Q3 2026 results for Oct 29 after the close, webinar at 5:00 p.m. ET
Strategy announced on October 8 that it will release third-quarter 2026 results after U.S.
Strategy holds 848,000 BTC after buying 334 BTC for $28.7M in Oct 1-4
An 8-K filed October 5, 2026 shows Strategy bought 334 bitcoin for $28.7 million between October 1 and 4, lifting holdings to 848,000 BTC, after no purchases on September 28 to 30.
Strategy keeps STRC at 12.00% and declares $0.50 dividend for period ending Oct 31
An 8-K reporting events of September 30 and signed October 1 says Strategy will keep the STRC dividend rate at 12.00% from the periods starting October 16.
Strategy 8-K: 1,665 BTC bought for $142.7M, holdings 847,666; STRC buybacks of $151.7M
Strategy's 8-K filed September 28 covers September 21 to 27.
Strategy buys 950 BTC for $75.7M in week to Sept 20 as STRC buybacks continue
An 8-K filed September 21, 2026 reports Strategy bought 950 bitcoin for $75.7 million at an average of $79,670 in the week of September 14 to 20, paid with USD Cash.
Strategy buys back 1.42M STRC shares for $139.3M in week to Sept 13; no bitcoin trades
An 8-K filed September 14, 2026 covers September 8 to 13 and shows no bitcoin purchases or sales, with holdings at 845,050 BTC.
Strategy buys back about $176M of STRC preferred; holdings unchanged at 845,050 BTC
According to a September 8, 2026 report, Strategy repurchased about 1.81 million STRC preferred shares for roughly $176.3 million in the week ended September 7, funded from USD Cash.
Strategy holds STRC rate at 12.00% and declares Q3 dividends on STRF, STRK and STRD
An 8-K dated August 31, 2026 keeps the variable STRC dividend at 12.00% per year for semi-monthly periods starting September 16.
Benchmark cuts Strategy price target to $435 from $570 but keeps Buy
Benchmark analyst Mark Palmer lowered his price target on Strategy to $435 from $570 while keeping a Buy rating, according to an August 24, 2026 article.
Strategy repurchases 1.39M STRC shares for $132.2M; no bitcoin trades in week to Aug 16
An 8-K filed August 17, 2026 covers August 10 to 16 and reports no bitcoin purchases or sales, with the USD Reserve at $4.80 billion.
Strategy sells 1,690 BTC for $108.6M in week to Aug 9, holdings fall to 840,447
An 8-K filed August 10, 2026 reports that Strategy sold 1,690 bitcoin from August 3 to August 9 at an average net price of $64,262, for $108.6 million, and used the cash to repurchase STRC shares.
Strategy sells 1,638 BTC for $104.7M, funds preferred dividends and STRC buybacks
An 8-K filed August 3, 2026 shows Strategy sold 1,638 bitcoin between July 27 and August 2 at an average net price of $63,957, for $104.7 million.
MSTR falls about 4% on July 31 after Q2 loss; stock trades near $93.59
MSTR fell about 4.5% in the afternoon session on July 31, 2026, the day after the second-quarter loss was reported, before recovering to $93.59, down 4.2% from the prior close.
Strategy reports fiscal Q2 2026 results: revenue $122.4M, up 7% from a year earlier
Strategy filed a Form 8-K with the SEC on Jul 30, 2026, 4:00 PM ET, reporting an event dated Jul 30, 2026.
Strategy Q2 2026 net loss of $8.22B, or $24.45 a share, on $122.4M revenue
Strategy reported second-quarter 2026 revenue of $122.4 million, up 6.9% from a year earlier, but a net loss of $8.22 billion, or $24.45 per diluted share.
Strategy repurchases 288,930 STRC shares for $25.0M; no bitcoin bought in week to July 26
An 8-K filed July 27, 2026 covers July 20 to July 26 and reports no bitcoin purchases or sales, with the holdings unchanged at 843,775 BTC.
Strategy sells 2.73M MSTR common shares for $263.5M in week to July 19
An 8-K filed July 20, 2026 shows Strategy sold 2,732,318 MSTR Class A shares through its at-the-market program for $263.5 million net, in the week of July 13 to July 19.
Strategy makes no bitcoin purchases in week to July 12 and reports USD Reserve of $3.0B
An 8-K filed July 13, 2026 covering July 6 to July 12 shows no bitcoin buys or sales and no STRC shares sold through the ATM.
Strategy discloses 3,588 BTC sold in late June and early July to fund preferred dividends
An 8-K filed July 6, 2026 reports that Strategy sold 1,363 bitcoin from June 29 to June 30 and 2,225 bitcoin from July 1 to July 5, for a combined 3,588 BTC.
Strategy lifts STRC dividend rate to 12.00% from July 1 record dates
Strategy said on June 29, 2026 that the STRC dividend rate will rise to 12.00% per annum for semi-monthly periods with record dates on or after July 1, 2026.
Strategy buys 520 bitcoin for $34.9M; USD Reserve reaches $1.4B
Strategy's 8-K dated June 22, 2026 reports 520 BTC bought between June 15 and June 21 for $34.9M, an average of $67,068, funded by ATM sales.
Strategy buys 1,587 bitcoin for $100M as MSTR ATM raises $209M
Strategy's 8-K dated June 15, 2026 reports 1,587 BTC bought between June 8 and June 14 for $100.0M, an average of $63,024, funded by ATM sales of common stock.
Strategy shareholders approve moving STRC dividends to semi-monthly schedule
At its 2026 Annual Meeting on June 8, 2026, Strategy's stockholders voted on an amendment that moves STRC dividend record and payment dates from monthly to semi-monthly.
Strategy buys 1,550 bitcoin for $101.3M, restarting purchases after June 1 sale
Strategy's 8-K dated June 8, 2026 reports 1,550 BTC bought between June 1 and June 7 for $101.3M, an average of $65,332, funded by ATM share sales.
Strategy sells 32 bitcoin for $2.5M, first sale since 2022, to fund preferred dividends
Strategy disclosed on June 1, 2026 that it sold 32 BTC between May 26 and May 31 at an average of $77,135, about $2.5M in total.
Strategy sells 32 BTC for about $2.5M to fund preferred stock distributions
Strategy disclosed in an 8-K filed June 1, 2026 that it sold 32 bitcoin between May 26 and May 31, 2026, for an aggregate $2.5 million net of fees, at an average of $77,135 per bitcoin.
Strategy retires $1.5B of 2029 convertible notes for about $1.38B cash
Strategy repurchased and canceled $1.50B of principal of its 0% convertible notes due 2029, paying about $1.38B in cash, roughly an 8% discount to par.
Strategy reports fiscal Q1 2026 results: revenue $124.3M, up 12% from a year earlier
Strategy filed a Form 8-K with the SEC on May 5, 2026, 4:15 PM ET, reporting an event dated May 5, 2026.
SEC filings
| Oct 16, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 16, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 16, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Oct 15, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 14, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 13, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 13, 26 | 4 | Form 4: Patten Jarrod M (Director) — option exercise 2,750 sh, open-market sale 2,750 sh | sec.gov ↗ |
| Oct 13, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 13, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Oct 9, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 9, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 5, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 5, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 5, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Oct 5, 26 | DEF 14A | DEF 14A: Definitive proxy statement | sec.gov ↗ |
| Oct 1, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 1, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Sep 30, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 29, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 28, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 28, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 28, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Sep 25, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 25, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-09 | Patten Jarrod M Director | Sale | 1.4K | $156.16 | $210.8K |
| 2026-10-08 | Patten Jarrod M Director | Sale | 1.4K | $151.01 | $211.4K |
| 2026-09-22 | Patten Jarrod M Director | Sale | 475 | $171.00 | $81.2K |
| 2026-09-21 | Patten Jarrod M Director | Sale | 1.4K | $167.33 | $238.4K |
| 2026-09-04 | Chow Thomas C. EVP & General Counsel | Sale | 106 | $138.75 | $14.7K |
| 2026-08-27 | Patten Jarrod M Director | Sale | 1.9K | $130.00 | $240.5K |
| 2026-08-25 | Patten Jarrod M Director | Sale | 2.8K | $125.33 | $347.8K |
| 2026-08-24 | Patten Jarrod M Director | Sale | 925 | $122.34 | $113.2K |
| 2026-08-07 | Patten Jarrod M Director | Sale | 3.8K | $102.41 | $389.1K |
| 2026-07-27 | Patten Jarrod M Director | Sale | 1.9K | $98.48 | $192.0K |
| 2026-07-24 | Patten Jarrod M Director | Sale | 1.9K | $92.45 | $180.3K |
| 2026-07-22 | Patten Jarrod M Director | Sale | 1.3K | $100.00 | $125.0K |
| 2026-06-23 | Patten Jarrod M Director | Sale | 1.5K | $106.08 | $159.1K |
| 2026-06-22 | Le Phong President & CEO, Director | Buy | 11.0K | $90.80 | $998.8K |
| 2026-06-17 | Patten Jarrod M Director | Sale | 1.5K | $121.31 | $182.0K |
| 2026-06-16 | Chow Thomas C. EVP & General Counsel | Buy | 111 | $90.07 | $10.0K |
| 2026-06-15 | Patten Jarrod M Director | Sale | 1.5K | $133.97 | $201.0K |
| 2026-06-09 | Montgomery Jeanine VP & CAO | Sale 10b5-1 plan | 354 | $123.84 | $43.8K |
| 2026-06-09 | Kang Andrew EVP & CFO | Sale 10b5-1 plan | 1.9K | $123.84 | $241.4K |
| 2026-06-09 | Le Phong President & CEO, Director | Sale 10b5-1 plan | 5.5K | $123.84 | $683.8K |
| 2026-06-05 | Kang Andrew EVP & CFO | Sale 10b5-1 plan | 33.1K | $118.73 | $3.9M |
| 2026-06-05 | Le Phong President & CEO, Director | Sale 10b5-1 plan | 93.7K | $118.73 | $11.1M |
| 2026-05-29 | Patten Jarrod M Director | Sale | 15.1K | $154.94 | $2.3M |
| 2026-05-28 | Patten Jarrod M Director | Sale | 7.3K | $147.74 | $1.1M |
| 2026-05-26 | Patten Jarrod M Director | Sale | 1.3K | $165.30 | $206.6K |