The company's operating loss for the quarter reached $14.47 billion, compared with $5.92 billion during the same period a year earlier. The bulk of that figure—$14.46 billion—reflects an unrealized loss on its digital assets as Bitcoin prices fell during the quarter.
Despite the paper losses, Strategy's leadership pointed to what they characterized as progress on multiple fronts. The company has raised $11.68 billion year to date to fund its Bitcoin acquisitions, and its newer preferred equity instrument, STRC, has raised $5.58 billion—a 189% increase year over year.
“Adoption of Bitcoin continues to grow in 2026,” said Strategy President and CEO Phong Le, in a statement. “Digital credit, highlighted by STRC, has been a big success. STRC has shown strong demand, high liquidity, and low volatility. We raised $5.6 billion year-to-date of STRC gross proceeds, increased daily trading volume to $375 million, while bringing volatility down to 3%, all done during a Bitcoin bear market.”
While Strategy’s common stock, MSTR, dipped slightly in after-hours trading, it has surged in value in recent weeks as Bitcoin’s value has continued to rebound and as the firm’s STRC shares have seen sizable demand.
MSTR finished the trading day at $186.90, up about 1.7% on the day and nearly 56% in the last month. Even so, shares are down more than 51% over the last year and traded well above $400 last summer.
The company has now made 23 consecutive on-time dividend distributions on its preferred equity products, totaling more than $693 million since their launch in early 2025.
Strategy's underlying software business remained modest but stable, with total revenues of $124.3 million for the quarter—up 11.9% year-over-year—and a gross margin of 67.1%.
The company recently announced a proposed shareholder vote to double the dividend payment frequency on STRC to a semi-monthly schedule, a move it said could improve liquidity and price stability for the instrument.
