Strategy reports $20.91 billion Q3 digital asset gain, adds 334 BTC to holdings

Strategy, a major Bitcoin-holding firm known for its large cryptocurrency treasury, has reported a $20.91 billion gain on its digital asset holdings for the third quarter of 2026. According to the latest company filing, this result was driven by the appreciation in Bitcoin’s value during the period.

334 $BTC added, record holdings reached

Between October 1 and 4, Strategy acquired 334 $BTC at a total cost of $28.7 million, with an average purchase price of $85,838.80 per coin. This acquisition increased its total Bitcoin reserves to 848,000 $BTC, marking a new all-time high for the company’s Bitcoin holdings. The recent purchase occurred after the company abstained from buying Bitcoin in the final three days of September.

Strategy has consistently sought to grow its Bitcoin treasury, which now stands as one of the largest institutional reserves globally. The average cost basis for all of its Bitcoin is $75,440.70 per coin, meaning last week’s purchases came at a premium of nearly 14% over the company’s average entry point.

Stock buybacks and asset management

Alongside its Bitcoin acquisition, Strategy also focused on shareholder value by repurchasing a significant portion of its preferred stock. In the last days of September, the company bought back 1,033,168 shares of its Stretch preferred stock (STRC) for $102.6 million, followed by an additional 740,634 shares for $73.7 million in early October. In total, $176.3 million was allocated for preferred stock buybacks, with $154.1 million sourced from the company’s USD Cash and $22.2 million from interest earned on cash and short-term investments. The preferred stock buyback program maintains a remaining capacity of $547.2 million.

Strategy also sold 92,894 shares of MSTR for $15.7 million in net proceeds, allocating all funds to further Bitcoin purchases. An additional $13 million for this purpose was withdrawn from USD Cash. None of the four preferred stock lines were sold through at-the-market offerings during the reported periods.

To support ongoing operations and obligations, Strategy’s dollar reserves are now allocated between a $4.88 billion USD Reserve for preferred dividends and debt interest, and $833.4 million in USD Cash to fund general purposes, including further Bitcoin purchases. In the first week of October, $142.5 million was drawn from the reserve for dividend and interest payments.

Strategy’s treasury approach and sector comparison

The company’s approach involves balancing digital asset accumulation and equity management. While the firm continues to buy Bitcoin at prices above its average cost, it also invests heavily in buying back its preferred stock, which has consistently traded below its $100 par value for several months.

A similar pattern has recently emerged at Metaplanet, another significant institutional Bitcoin holder. During the third quarter, Metaplanet sold 10,000 $BTC and repurchased 11,000 $BTC. This maneuver was reportedly undertaken to demonstrate to credit rating agencies the company’s ability to quickly liquidate Bitcoin for cash. Both companies are now focusing on credit management in tandem with their ongoing Bitcoin accumulation strategies.

Strategy’s current reporting marks the largest quarterly gain on digital assets in its history. The reported $20.91 billion gain is based on Bitcoin’s fair value, while $1.88 billion is recorded as deferred tax expense linked to this appreciation.

Although Strategy’s primary focus remains on building one of the world’s largest Bitcoin treasuries, it now places comparable emphasis on managing its equity structure and credit profile as part of its broader asset management strategy.

Mini dictionary: Metaplanet, a public company specializing in digital asset treasury strategies, is known for its significant Bitcoin holdings and dynamic approach to balance sheet management.