Strategy (MSTR) posted a record-breaking third quarter in 2026, powered by a $20.91 billion gain on its massive Bitcoin position. The company’s operating profit jumped from $3.89 billion in the year-ago quarter to $20.91 billion, while net income reached $19.53 billion, up from $2.79 billion a year earlier. Diluted earnings per share came in at $44.75. As of Oct. 25, Strategy held 848,517 BTC, a 26% increase since the start of 2026. The firm purchased $14.33 billion worth of Bitcoin during the year and has now raised $21.23 billion from capital markets. Its software revenue slipped 3% year over year to $125.4 million. After the report, MSTR shares fell about 3.5% in after-hours trading.
Executive Chairman Michael Saylor said: "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." He added that Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities.
The company said CFO Andrew Kang will step down on Nov. 5, with current COO Reza Virasteh set to become CFO in January 2027. Strategy also repurchased approximately $2.04 billion worth of STRC preferred shares, increasing its dollar-denominated assets to $5.07 billion. Holders of STRC, STRF, STRK and STRD approved an amendment allowing dividends to accrue daily rather than on the previous schedule. STRC’s first record date will be Nov. 1, with payment on Nov. 2; STRF, STRK and STRD follow with a Jan. 1 record date and Jan. 4 payment. CEO Phong Le said: "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." K33 estimated earlier this month that STRC had added $725 million to the company’s annual dividend obligations.
Coinbase reported $719 million in net profit for the third quarter. Adjusted net profit was $78 million, while adjusted EBITDA reached $333 million, up 60% quarter over quarter and marking the company’s 15th consecutive quarter of positive adjusted EBITDA. Coinbase’s share of cryptocurrency trading volume rose to 10.7%, its fourth straight quarterly increase. The prediction markets segment generated annualized revenue above $200 million, with daily active users up more than 60% sequentially. Coinbase One paid subscribers rose 24% year over year to a record, and the average amount of USDC held in its products hit a new peak of $22 billion. Subscription and services revenue accounted for 49% of total net income, underscoring the company’s diversification away from trading-fee dependence.
