Strategy Announces Third Quarter Financial Results; Operating Income of $21 Billion and Diluted EPS of $44.75

Strategy Announces Third Quarter Financial Results; Operating Income of $21 Billion and Diluted EPS of $44.75 TYSONS CORNER, Va.--( BUSINESS WIRE)--Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) (“Strategy” or the “Company”), the largest institutional holder of bitcoin and the world’s first Bitcoin Treasury Company, today announces financial results for the three-month period ended September 30, 2026 (the third quarter of its 2026 fiscal year).

“Strategy demonstrated its commitment to returning STRC to health. We grew our USD Assets to $5.1 billion, increased USD Duration to 3.4 years, and repurchased $2.0 billion of STRC. We also continued to innovate. With shareholder approval on October 28, we upgraded STRF, STRC, STRK, and STRD to daily dividends, so investors can accrue dividends every calendar day of the year, including weekends and holidays. Daily dividends are a natural step toward the tokenized, 24/7/365 financial system. Digital Credit is being built for that world, and Strategy intends to lead it,” said Phong Le, President and Chief Executive Officer.

“Q3 operating income of $21 billion was the largest ever in Strategy’s history. We've also raised $21 billion of equity capital and increased our bitcoin holdings by 26% year-to-date in a challenging bitcoin market. Lastly, it has been an honor and privilege to serve as Strategy’s CFO for the past four and a half years, and I am grateful for the support of Michael, Phong, the Board, our employees and our shareholders through the tremendous growth over that period,” said Andrew Kang, Chief Financial Officer.

“We’re at the beginning of the next bitcoin bull market. Banks are embracing bitcoin, bitcoin’s dominance among digital assets is growing, institutional demand is back, and bitcoin price is 21% above its 200-week moving average. Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities. Strategy continues to lead this industry with 84% market share and STRC returning to strength,” said Michael Saylor, Founder and Executive Chairman.

Q3 Financial Summary

Bitcoin Summary (as of October 25, 2026)

Capital Markets Summary (as of October 25, 2026)

Q3 FY 2026

QTD Q4 FY 2026

Securities

Net Proceeds (in millions)

MSTR

5,407.7

58.7

STRC

—

STRK

—

STRF

—

STRD

—

Total

5,407.7

58.7

Record Date

Annualized STRC Rate

Dividend (USD/Share)

Payment Date

Monthly STRC Dividends

January 15, 2026

11.00%

$0.92

January 31, 2026

February 15, 2026

11.25%

$0.94

February 28, 2026

March 15, 2026

11.50%

$0.96

March 31, 2026

April 15, 2026

11.50%

$0.96

April 30, 2026

May 15, 2026

11.50%

$0.96

May 31, 2026

June 15, 2026

11.50%

$0.96

June 30, 2026

Semi-Monthly STRC Dividends

June 30, 2026

11.50%

$0.48

July 15, 2026

12.00%

$0.50

July 31, 2026

12.00%

$0.50

August 15, 2026

12.00%

$0.50

August 31, 2026

12.00%

$0.50

September 15, 2026

12.00%

$0.50

September 30, 2026

12.00%

$0.50

October 15, 2026

12.00%

$0.50

October 31, 2026

Daily STRC Dividends (1)

November 2026

12.00%

$1.00

(2)

(1) Represents the aggregate dividend per share for all daily record dates during the applicable month.

(2) Every business day from November 2 to December 1, inclusive.

Digital Credit Capital Framework Summary (as of October 25, 2026)

The Company has sold approximately $431.8 million of bitcoin year to date 2026 to fund a portion of its preferred stock dividends and STRC buybacks.

Chief Financial Officer Transition

Andrew Kang will step down as Executive Vice President and Chief Financial Officer effective November 5, 2026, and will remain with the Company in an advisory capacity through December 31, 2026. Phong Le, President and Chief Executive Officer, will serve as the Company's principal financial officer and assume responsibility for the finance organization during the transition, and effective January 1, 2027, Reza Virasteh, Strategy's current Executive Vice President of Operations, will become Executive Vice President and Chief Financial Officer, serving as co-principal financial officer alongside Mr. Le, who will retain responsibility for the financial management of the Company's bitcoin strategy.

ROC Dividend Guidance

Strategy believes that it will not have positive accumulated earnings & profits for U.S. federal income tax purposes (“E&P”), and does not expect to generate positive current E&P in the current year or the foreseeable future. Based on these expectations, Strategy expects the distributions paid on its preferred equity instruments to be treated as non-taxable return of capital ("ROC") for the foreseeable future (i.e., ten years or more).

Special tax considerations may apply to certain taxpayers based on their specific circumstances. Shareholders should consult their own tax advisors regarding the U.S. federal, state, local, and any non-U.S. tax consequences to them in connection with the receipt of any of these distributions. Strategy’s expectations on E&P may change, and any such change could affect the U.S. federal income tax treatment of the distributions.

Strategy Dashboard

Strategy maintains a dashboard on its website ( www.strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding Strategy to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain KPI metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information that Strategy makes public via the website dashboard.

Conference Call

Strategy will be discussing its third quarter 2026 financial results on a live Video Webinar today beginning at approximately 5:00 p.m. ET. The live Video Webinar and accompanying presentation materials will be available under the “Events and Presentations” section of Strategy’s investor relations website at https://www.strategy.com/investor-relations. Log-in instructions will be available after registering for the event. An archived replay of the event will be available beginning approximately two hours after the call concludes.

About Strategy

Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere™. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets.

Strategy, MicroStrategy, and Intelligence Everywhere are either trademarks or registered trademarks of Strategy Inc in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.

Important Information About KPIs

The Company seeks to acquire bitcoin in a manner it believes to be accretive to common stockholders. To assess achievement of this strategy, the Company monitors and reviews the following Key Performance Indicators (“KPIs”):

“Measurement Period” refers to the period being measured, and “Reference Period” refers to the longer period of which the Measurement Period may be a sub-part. When the Company presents these metrics for an interim period within a fiscal year (e.g., a monthly, quarterly, or quarter-to-date period), then the Measurement Period is that interim period, and unless otherwise stated, the Reference Period is the fiscal year-to-date period ending on the last day of the Measurement Period. For example, assume BPS (in Sats) is 100 at the beginning of a fiscal year, 110 at the end of the first quarter and 125 at the end of the second quarter. The BTC Yield for the second quarter is calculated as (125/100 − 1) less (110/100 − 1), or 15%. The first and second quarter BTC Yields of 10% and 15%, respectively, sum to the year-to-date BTC Yield of 25%. With 1,000 bitcoin held at the beginning of the fiscal year, BTC Gain would be 100 bitcoin (10% × 1,000) and 150 bitcoin (15% × 1,000) for the first and second quarters, respectively, which sum to the year-to-date BTC Gain of 250 bitcoin.

For determining BTC $ Gain quarter to date and year to date, unless otherwise specified, the Company uses the current market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period, unless stated otherwise. These prices are used solely to facilitate these illustrative calculations.

The Company uses BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these KPIs can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period:

When management uses these metrics, management takes into account their various limitations. With respect to BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain, these limitations include that the metrics:

Different assumptions would produce materially different results, and these KPIs may overstate or understate the Company’s bitcoin that would remain attributable to holders of common stock after accounting for senior claims (net of the Company’s USD Assets).

BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:

The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of common stock outstanding. As a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin. None of BPS (in Sats), BTC Yield, BTC Gain or BTC $ Gain is indicative or predictive of the trading price of the Company’s securities.

Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires the Company to measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and to recognize gains and losses from changes in the fair value in net income (loss) for the reported period. As a result, the Company may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, as well as gain or loss from the sale of digital assets during a period. These gains and losses are not reflected in BPS (in Sats), BTC Yield, BTC Gain or BTC $ Gain. For example, if the Company increases its bitcoin holdings relative to Assumed Diluted Shares Outstanding during a reported period, the Company would achieve increased BPS (in Sats) and positive BTC Yield, BTC Gain and BTC $ Gain even if the Company reports significant realized or unrealized loss on digital assets for the period. Similarly, if the Company increases Assumed Diluted Shares Outstanding at a faster rate than its bitcoin holdings, then the Company would experience decreased BPS (in Sats) and negative BTC Yield, BTC Gain, and BTC $ Gain, even if the Company reports significant unrealized gain on digital assets for the period.

As noted above, these KPIs are narrow in purpose and are used by management to help assess whether the Company is raising and deploying capital in a manner accretive to shareholders solely as it pertains to its bitcoin holdings. References to a transaction, or to the Company’s capital deployment, being “accretive” or “dilutive” refer only to the effect on the specified KPI under the stated assumptions. They do not mean that the transaction is accretive or dilutive to the Company’s earnings, cash flow, book value, enterprise value, intrinsic value, or the trading price of the Company’s securities.

In calculating BPS (in Sats), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used to acquire its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-convertible notes or non-convertible preferred stock, or convertible notes or preferred stock that carry conversion prices above the current trading price of the Company's common stock or conversion rights that are not then exercisable, such transactions have the effect of increasing the BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain, while also increasing the Company’s indebtedness and senior claims of holders of instruments other than class A common stock with respect to dividends and to the Company’s assets, including its bitcoin, if the Company were to liquidate, in a manner that is not reflected in these metrics.

If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments (including certain of its perpetual preferred stock), the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations, either of which would have the effect of decreasing BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain. The assumptions used in calculating these metrics do not contemplate adjustments for such decreases. Accordingly, these metrics might overstate or understate the accretive nature of the Company’s use of capital to buy bitcoin because not all bitcoin is purchased using proceeds from issuances of class A common stock, instruments that are convertible into class A common stock may be forfeited or repaid with funds other than from the sale of class A common stock in the period in question rather than being exercised for or converted into class A common stock and not all proceeds from issuances of class A common stock are used to purchase bitcoin.

In addition, the Company is required to pay dividends with respect to its perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK Stock, by issuing shares of class A common stock. The Company has issued shares of class A common stock and certain series of its preferred stock for cash to fund the payment of cash dividends. In the future, the Company may also issue shares of class A common stock in lieu of paying dividends on STRK Stock. As a result, the Company has experienced, and may experience in the future, increases in Assumed Diluted Shares Outstanding without corresponding increases in its bitcoin holdings, resulting in decreases in BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain for the applicable periods.

The Company has historically not paid any dividends on its shares of class A common stock, and by presenting these KPIs the Company makes no suggestion that it intends to do so in the future. Holders of the Company’s securities, including its class A common stock and preferred stock, have no ownership interest in, or redemption right with respect to, the Company's bitcoin holdings.

The Company determines its KPI targets based on its history and future goals. The Company’s ability to maintain any given level of BPS (in Sats), or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results, and the Company’s KPI results for any particular interim period may not be indicative of its ability to achieve longer-term objectives under its bitcoin strategy. Additionally, the Company’s KPIs may improve, and the Company may achieve its targets or objectives, even as it incurs losses or the market price of its class A common stock declines.

These KPIs are merely supplements, not substitutes for the financial statements and other disclosures contained in the Company’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations. Investors are cautioned not to place undue reliance on the Company’s KPIs or interpret the Company’s targets as assurances of financial performance or stockholder returns.

Forward-Looking Statements

This press release may include statements that may constitute “forward-looking statements,” including estimates of future business prospects, including statements relating to corporate objectives with respect to the trading price of the Company’s Variable Rate Series A Perpetual Stretch Preferred Stock, statements relating to potential future equity repurchases, statements relating to the Company's expectation regarding the tax-deferred return of capital treatment of distributions on its preferred stock, and statements containing the words “believe,” “estimate,” “project,” “expect,” “will,” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of Strategy Inc and its subsidiaries (the "Company") to differ materially from the forward-looking statements. Factors that could contribute to such differences include: fluctuations in the market price of bitcoin and any associated gains or losses on digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company’s bitcoins are carried on its balance sheet; the availability of debt and equity financing on favorable terms; gains or losses on any sales of bitcoins; changes in the accounting treatment relating to the Company’s bitcoin holdings; changes in securities laws or other laws or regulations, or the adoption of new laws or regulations, relating to bitcoin that adversely affect the price of bitcoin or the Company’s ability to transact in or own bitcoin; changes in the Company’s tax earnings & profits that may impact return of capital tax treatment on future dividends on the Company’s preferred stock; the impact of the availability of spot exchange traded products and other investment vehicles for bitcoin and other digital assets; a decrease in liquidity in the markets in which bitcoin is traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud or other circumstances or events that result in the loss of the Company’s bitcoins; impacts to the price and rate of adoption of bitcoin associated with financial difficulties and bankruptcies of various participants in the digital asset industry; the level and terms of the Company’s substantial indebtedness and its ability to service such debt; the extent and timing of market acceptance of the Company’s new product offerings; continued acceptance of the Company’s other products in the marketplace; the Company’s ability to recognize revenue or deferred revenue through delivery of products or satisfactory performance of services; the timing of significant orders; delays in or the inability of the Company to develop or ship new products; customers continuing to shift from a product license model to a cloud subscription model, which may delay the Company’s ability to recognize revenue; fluctuations in tax benefits or provisions; changes in the market price of bitcoin as of period-end and their effect on our deferred tax assets, related valuation allowance, and tax expense; other potentially adverse tax consequences; competitive factors; general economic conditions, including levels of inflation and interest rates; currency fluctuations; and other risks detailed in the Company’s registration statements and periodic and current reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this release, except as required by law.

STRATEGY INC

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

(unaudited)

Revenues:

Product licenses

3,829

17,373

12,997

31,820

Subscription services

68,590

45,972

190,327

123,899

Total product licenses and subscription services

72,419

63,345

203,324

155,719

Product support

37,681

51,118

122,116

155,728

Other services

15,327

14,228

46,655

42,798

Total revenues

125,427

128,691

372,095

354,245

Cost of revenues:

Product licenses

1,142

632

3,585

2,765

Subscription services

19,220

19,594

64,434

49,929

Total product licenses and subscription services

20,362

20,226

68,019

52,694

Product support

5,275

7,157

17,096

21,802

Other services

10,156

10,630

32,442

33,238

Total cost of revenues

35,793

38,013

117,557

107,734

Gross profit

89,634

90,678

254,538

246,511

Operating expenses:

Sales and marketing

32,268

29,908

102,659

91,131

Research and development

24,061

22,602

71,825

71,096

General and administrative

35,905

38,173

113,179

115,220

(Gain) loss on digital assets

(20,912,392

)

(3,890,847

)

1,858,452

(12,032,356

)

Total operating (income) expenses

(20,820,158

)

(3,800,164

)

2,146,115

(11,754,909

)

Income (loss) from operations

20,909,792

3,890,842

(1,891,577

)

12,001,420

Interest income

47,050

121

79,527

313

Interest expense

(15,380

)

(19,011

)

(47,283

)

(54,206

)

Gain on debt extinguishment

—

113,916

—

Other income (expense), net

821

(716

)

4,151

(12,923

)

Income (loss) before income taxes

20,942,283

3,871,236

(1,741,266

)

11,934,604

Provision for (benefit from) income taxes

1,409,311

1,086,212

(511,940

)

3,346,104

Net income (loss)

19,532,972

2,785,024

(1,229,326

)

8,588,500

Dividends on preferred stock

(419,556

)

(139,898

)

(1,049,744

)

(198,040

)

Deemed contribution related to preferred stock repurchases

5,517

—

5,517

—

Net income (loss) attributable to common stockholders of Strategy

19,118,933

2,645,126

(2,273,553

)

8,390,460

Basic earnings (loss) per common share (1)

47.78

9.30

(6.27

)

30.83

Weighted average common shares outstanding - Basic

400,148

284,376

362,441

272,143

Diluted earnings (loss) per common share (1)

44.75

8.42

(6.27

)

27.71

Weighted average common shares outstanding - Diluted

428,049

315,393

362,441

303,986

(1) Basic and fully diluted earnings (loss) per common share for class A and class B common stock are the same.

STRATEGY INC

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

September 30,

2026

December 31,

2025

(unaudited)

Assets

Current assets:

Cash and cash equivalents

2,501,456

2,301,470

Restricted cash

1,671

1,873

Short-term investments

3,404,457

—

Accounts receivable, net

129,933

205,748

Prepaid expenses and other current assets

70,096

55,046

Total current assets

6,107,613

2,564,137

Digital assets

70,824,007

58,854,028

Property and equipment, net

27,223

28,858

Right-of-use assets

60,684

46,975

Deposits and other assets

126,875

142,577

Deferred tax assets

5,147

4,507

Total assets

77,151,549

61,641,082

Liabilities, Mezzanine Equity and Stockholders' Equity

Current liabilities:

Current portion of long-term debt, net

1,045,669

31,313

Accounts payable, accrued expenses, and operating lease liabilities

79,298

50,335

Accrued compensation and employee benefits

37,265

69,986

Accrued interest

5,970

5,619

Preferred dividends payable

136,447

27,121

Deferred revenue and advance payments

206,722

272,118

Total current liabilities

1,511,371

456,492

Long-term debt, net

5,669,745

8,158,842

Deferred revenue and advance payments

2,706

5,451

Operating lease liabilities

60,813

46,135

Other long-term liabilities

5,031

4,736

Deferred tax liabilities

1,404,407

1,926,454

Total liabilities

8,654,073

10,598,110

Commitments and Contingencies

Mezzanine Equity

Series A Perpetual Preferred Stock, $0.001 par value; 411,023 and 442,361 shares authorized; 139,599 and 78,183 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively; redemption value and liquidation preference of $14,109,839 and $8,032,324 at September 30, 2026 and December 31, 2025, respectively

13,056,250

6,919,514

Stockholders’ Equity

Preferred stock undesignated, $0.001 par value; 593,977 and 562,639 shares authorized, no shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

—

Class A common stock, $0.001 par value; 10,330,000 and 10,330,000 shares authorized, 402,338 and 292,422 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

402

292

Class B common stock, $0.001 par value; 165,000 shares authorized, 19,640 shares issued and outstanding at both September 30, 2026 and December 31, 2025

Additional paid-in capital

51,516,192

37,806,554

Accumulated other comprehensive loss

(14,273

)

(5,171

)

Retained earnings

3,938,885

6,321,763

Total stockholders’ equity

55,441,226

44,123,458

Total liabilities, mezzanine equity and stockholders' equity

77,151,549

61,641,082

STRATEGY INC

DIGITAL ASSETS – ADDITIONAL INFORMATION

(unaudited)

Digital Asset

Original Cost

Basis

(in thousands)

Digital Asset

Carrying Value

(in thousands)

Approximate

Number of

Bitcoins Held

Approximate

Average

Purchase or (Sale) Price

Per Bitcoin

Balance at January 1, 2025 (after adoption of ASU 2023-08)

27,968,248

41,790,421

447,470

62,503

Digital asset purchases

(a)

7,661,663

80,715

94,922

Loss on digital assets

—

(5,906,005

)

—

Balance at March 31, 2025

35,629,911

43,546,079

528,185

67,457

Digital asset purchases

(b)

6,769,205

69,140

97,906

Gain on digital assets

—

14,047,514

—

Balance at June 30, 2025

42,399,116

64,362,798

597,325

70,982

Digital asset purchases

(c)

4,952,080

42,706

115,959

Gain on digital assets

—

3,890,847

—

Balance at September 30, 2025

47,351,196

73,205,725

640,031

73,983

Balance at January 1, 2026

50,435,331

58,854,028

672,500

74,997

Digital asset purchases

(d)

7,251,126

89,599

80,929

Loss on digital assets

—

(14,455,479

)

—

Balance at March 31, 2026

57,686,457

51,649,675

762,099

75,694

Digital asset purchases

(e)

6,420,975

85,296

75,279

Digital asset sales

(f)

(168,126

)

(83,205

)

(1,395

)

(59,663

)

Loss on digital assets

—

(8,315,365

)

—

Balance at June 30, 2026

63,939,306

49,672,080

846,000

75,578

Digital asset purchases

(g)

588,093

7,218

81,470

Digital asset sales

(h)

(582,363

)

(348,558

)

(5,552

)

(62,780

)

Gain on digital assets

—

20,912,392

—

Balance at September 30, 2026

63,945,036

70,824,007

847,666

75,437

(a)

In the first quarter of 2025, we purchased bitcoin using $4.37 billion of the net proceeds from ATM sales of class A common stock, $1.99 billion of the net proceeds from our issuance of the 2030B Convertible Notes, $593.7 million of the aggregate net proceeds from the initial public offering and ATM sales of STRK Stock, and $710.0 million of the net proceeds from the initial public offering of STRF Stock.

(b)

In the second quarter of 2025, we purchased bitcoin using $5.19 billion of the net proceeds from ATM sales of class A common stock, $979.7 million of the net proceeds from our initial public offering of STRD Stock, $163.0 million of the net proceeds from ATM sales of STRF Stock, and $438.0 million of the net proceeds from ATM sales of STRK Stock.

(c)

In the third quarter of 2025, we purchased bitcoin using $209.5 million of the net proceeds from ATM issuances of STRF Stock, $153.1 million of the net proceeds from ATM issuances of STRK Stock, $48.5 million of the net proceeds from ATM issuances of STRD Stock, $2.07 billion of the net proceeds from ATM issuances of class A common stock, and $2.47 billion of the net proceeds from the initial public offering of STRC Stock.

(d)

In the first quarter of 2026, we purchased bitcoin using $2.06 billion of the net proceeds from ATM sales of STRC Stock, $3.3 million of the net proceeds from ATM sales of STRK Stock and $5.19 billion of the net proceeds from ATM sales of class A common stock.

(e)

In the second quarter of 2026, we purchased bitcoin using $5.46 billion of the net proceeds from ATM sales of STRC Stock, and $0.96 billion of the net proceeds from ATM sales of class A common stock.

(f)

The proceeds from these sales were used to fund dividend payments on Preferred Stock.

(g)

In the third quarter of 2026, we purchased bitcoin using $588.1 million of the net proceeds from ATM sales of class A common stock.

(h)

The proceeds from these sales were used to fund $239.9 million of dividend payments on Preferred Stock and to repurchase $108.6 million of STRC Stock.