Strategy Posts $21B Q3 Bitcoin Gain and Hits Record 848,000 BTC as Corporate Crypto Buying Accelerates

Strategy reported an estimated $20.91 billion gain on its digital assets for the third quarter of 2026, swinging from losses of $14.5 billion in Q1 and $8.3 billion in Q2 to its first profitable quarter in four. The gain is a fair-value mark that includes $1.88 billion in deferred tax liability, and Bitcoin's carrying value on Strategy's books reached $70.82 billion as of September 30.

The company added 334 BTC between October 1 and 4 at an average price of $85,839 per coin, spending $28.7 million and bringing total holdings to a record 848,000 BTC. At cost, the position stands at $63.97 billion; at current market prices near $86,000, it is worth approximately $73 billion, equal to about 4% of the 21 million bitcoin supply cap. Strategy has spent $14.29 billion acquiring Bitcoin in 2026 alone. The latest purchase was partly financed through the sale of 92,894 MSTR shares, which raised $15.7 million.

Notably, Strategy spent far more on its preferred stock than on Bitcoin during the period, repurchasing approximately 1.77 million STRC shares for $176.3 million between September 28 and October 4. Strategy's stock has nearly doubled from its June low. Vivek Ramaswamy's Strive also disclosed a significant Bitcoin purchase, acquiring 2,000 BTC for roughly $169 million and lifting its treasury to 29,462 BTC; Strive's stock, ASST, rose more than 2% on the news. Separately, Metaplanet increased its holdings to 44,000 BTC after selling 10,000 coins and repurchasing 11,000 to demonstrate liquidity.

BitMine Immersion Technologies also expanded its Ethereum treasury, adding 15,112 ETH in the past week to reach 6.02 million ETH, equivalent to approximately 4.9% of Ethereum's total supply. The company has 5.07 million ETH staked, representing 84% of holdings and generating a projected annualized staking revenue of $363 million. Total crypto, cash, and marketable securities at BitMine reached $17.4 billion. Bitcoin ETFs extended their inflow streak to three weeks, adding $241 million, though the pace of inflows slowed by roughly 90%.