Bitcoin: Strategy Estimates a $20.91B Q3 Gain
Strategy estimates its gain on digital assets at 20.91 billion dollars in the third quarter of 2026, according to its October 5 SEC filing. This gain is accounting and not cashed: it reflects the revaluation of its 847,666 bitcoins, valued at 70.82 billion dollars as of September 30 for an acquisition cost of 63.95 billion dollars. It follows a loss of 8.32 billion in the second quarter, but the nine-month balance remains negative by about 1.86 billion, according to Cointribune’s calculation. The final results of the third quarter are yet to be published.
In brief
- 847,666 bitcoins held as of September 30, at an average cost of $75,437 (October 5 SEC filing).
- Balance sheet value: $70.82B, $6.87B above purchase price (Cointribune calculation).
- 334 bitcoins bought from October 1 to 4 for $28.7M, at an average of $85,839 (same filing).
Why does Strategy show a gain of $20.91B in Q3?
Because Strategy accounts for its bitcoins at fair value, that is, at market price. According to Strategy’s SEC filing, the $20.91 billion gain on its digital assets in Q3 is an estimate by management. This change is mainly related to the revaluation of its bitcoin reserve, driven by the rise in the BTC price.
According to the Q2 10-Q and the October 5 filing, the value of bitcoins recorded on the balance sheet rose from $49.67 billion on June 30 to $70.82 billion on September 30. According to our calculation from this data, the carrying value of Strategy’s Bitcoin reserve increased by about 42% over the period, despite a limited increase in the number of bitcoins held. This means the gain comes from a revaluation and not from cashing out.
How many bitcoins did Strategy hold as of September 30, 2026?
Strategy held 847,666 bitcoins as of September 30, 2026, according to the October 5 SEC filing. Their cumulative acquisition cost totals $63.95 billion, or an average price of $75,436.60 per bitcoin. Their carrying amount stands at $70.82 billion.
As of June 30, the company held approximately 846,000 BTC, according to the 10-Q. According to our calculation based on this data, this represents a net increase of about 1,700 bitcoins during the quarter.
Is Strategy really winning on its bitcoin?
On paper, yes. According to the October 5 SEC filing, its bitcoins are valued at $70.82 billion on the balance sheet as of September 30, compared to $63.95 billion paid. According to our calculation from this data, this represents an increase of $6.87 billion. The key threshold is the average cost of $75,436.60. Bitcoin was around $83,500 on September 30, nearly 11% higher.
This means the reserve has risen above its acquisition cost again, while it was $14.27 billion below on June 30. However, the cumulative accounting loss since January has not been erased.
| Indicator | June 30 | September 30 |
| Bitcoins held | 846,000 | 847,666 |
| Balance sheet value | $49.67B | $70.82B |
| Acquisition cost | $63.94B | $63.95B |
| Estimated gain/loss on digital assets | -$8.32B | +$20.91B |
Why is the $20.91B gain not cashed in?
Because it measures a change in value and not a sale. This figure therefore does not represent realized profit. It is a change from fair value accounting, estimated by management and unaudited by KPMG, according to the SEC filing. This means it did not feed Strategy’s cash flow.
According to our calculation, by adding this gain to the unrealized loss of $22.77 billion from the first half, the nine-month balance remains negative by about $1.86 billion.
This gain is also accompanied by a deferred tax charge estimated at $1.88 billion, not paid out at this stage, according to the SEC filing. In terms of cash, from September 28 to October 4, Strategy spent $176.3 million to repurchase STRC, its variable rate preferred stock.
Our goal is for STRC to trade, in the long term, between 99 and 100 dollars.
Phong Le, CEO of Strategy, Q2 earnings release, July 30, 2026
Did Strategy continue buying bitcoin after Q3?
Yes, but limited. As of September 30, Strategy held 847,666 BTC. As of October 4, it held 848,000, according to the October 5 SEC filing.
The latest purchase amounts to $28.7 million, or 334 BTC acquired between October 1 and 4, at an average of $85,839.
The final Q3 figures will be included in the earnings release, expected on October 29 according to the earnings calendar. However, Strategy has not confirmed this date. This means the Q4 result will depend on the gap between the bitcoin price and its September 30 level, about $83,500, to be followed in our Strategy dossier.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.