Oct 29, 2026 earnings call — Record Bitcoin gains and digital credit growth
Strategy reported a record $21 billion fair value gain on Bitcoin and holds 848,517 Bitcoin at quarter end.
Revenue $0.1B (est $0.1B) · EPS $44.75 (est $20.19)
Key quotes
"We now hold 848,517 Bitcoin and recorded a record $21 billion fair value gain on our Bitcoin holdings in Q3."
"Stretch is returning to health. It is trading between $99 and $100 per our commitment."
"We are the most tokenized company in the digital assets ecosystem."
Analyst Q&A 5
How company will use its bigger balance sheet
Q (Andrew Harte · BTIG): Analyst asked how the company will use its stronger balance sheet and what will be different in the next bull market versus prior ones.
A: Management said the bigger, unencumbered Bitcoin and USD balances let them issue digital credit instead of relying on convertible bonds. They can raise large amounts through perpetual preferreds and create many credit products with different risk and volatility profiles to attract investors.
"We could create $10 billion, $20 billion, $30 billion of digital credit right now with our existing capital structure without raising any more equity capital and without Bitcoin appreciating." — Michael Saylor (FOUNDER)
When to use equity or credit to buy Bitcoin
Q (Khing Oei · Treasury): Analyst asked when the company would use the ATM to buy Bitcoin versus issuing or buying back preferreds, and what would make credit investors buy STRC in large size.
A: Management said the primary way to acquire Bitcoin will be issuing digital credit like STRC and putting proceeds into Bitcoin while keeping some USD reserves. They said equity issuance might be used if mNAV expands aggressively, and that growing STRC would allow paying dividends and amplifying Bitcoin per share.
"The primary way to acquire Bitcoin is by issuing digital credit, STRC, or other instruments that start to grow over time or other digital credit instruments." — Phong Le (CEO)
Plans for other preferreds and Europe listing
Q (Alex Thorn · Galaxy): Analyst asked what the company will do about other preferreds that still trade below face value and whether the Euro-listed product will be uplisted to a major exchange.
A: Management said priority is getting STRC (Stretch) back to par to build confidence, then other instruments tied to Bitcoin should recover over time. They noted the Euro-listed product trades on an unregulated European exchange limiting retail access and that European regulation makes fixing it harder.
"By the way, once it gets to par, and maybe to add to my answer to Khing's question, I think that will create a lot of confidence in the instrument, when they see something that dislocated and came back to par within four months, and actually shows the resilience of the instrument on a go-forward basis." — Phong Le (CEO)
Does financialization of Bitcoin create risks?
Q (Pete Christiansen · Citi): Analyst asked whether the Strategy's success and new financial claims could add leverage, duration, or counterparty risks to Bitcoin and change its appeal.
A: Management said institutional adoption de-risks and legitimizes Bitcoin because regulated institutions solve legal, accounting, custody, and security issues. They argued more institutional participation increases capital, damps volatility, and grows the market and services around Bitcoin.
"I think it is de-risking the industry to go toward greater institutional adoption because that legitimizes the asset." — Michael Saylor (FOUNDER)
Plans to issue tokenized securities in the U.S.
Q (Scott Melker): Analyst asked if the company will issue on-chain tokenized MSTR and preferreds in the U.S., with dividends paid on-chain, and what would allow that and when.
A: Management said tokenization is evolving and the U.S. lacks settled standards, protocols, platforms, and compliance rules yet. They are studying tokenization, talking to many players, and will act when they find the right legal, compliance, and economic solutions; they could not give a timeline now.
"In the U.S., that's an evolving situation where the protocols are evolving, the platforms are evolving, the compliance rules are evolving." — Michael Saylor (FOUNDER)