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Strategy Inc

MSTR

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Strategy Inc. A complete text table follows the diagram.

Strategy Issued $7.36 Billion of Stock to Buy 89,599 Bitcoin in 90 Days

The enterprise-software company has become a capital-markets machine designed to grow bitcoin per diluted share, even as new securities add debt, dividends and dilution

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001050446-26-000031
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

The Sankey uses directly reported bitcoin counts and shows the accumulation stock rather than treating unrealized fair-value changes as operating cash flows. Financing, per-share bitcoin, software results and fixed claims are reported in annotations; no source of funds is allocated to individual bitcoin purchases.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Strategy raised $5.29B net from common stock and $2.07B from preferred stock, almost matching the $7.25B deployed into bitcoin.
Bitcoin holdings grew 13.3%, but assumed diluted shares grew 9.8%; bitcoin per diluted share increased a smaller 3.2% to 201,170 satoshis.
The quarter's purchases averaged about $80,929 per bitcoin, while the quarter-end market price was $67,773.
A $14.46B unrealized bitcoin loss overwhelmed the software business and produced a $12.54B GAAP net loss.
The legacy software business generated $124M of revenue and $83M of gross profit, less than one-quarter of one percent of bitcoin fair value.
The treasury carries fixed claims: $8.20B of debt, $10.00B of preferred liquidation preference and $230M of preferred dividends paid this quarter.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Thousands of bitcoin
Category	Stage	Value	Notes
Bitcoin held at quarter start	1	673	Accumulated through December 2025
Bitcoin purchased in Q1	1	89.6	$7.25B spent in three months
Quarter-end bitcoin treasury	2	762	$51.65B fair value at $67,773 per bitcoin

Financial flows · Thousands of bitcoin
From	To	Value
Bitcoin held at quarter start	Quarter-end bitcoin treasury	673
Bitcoin purchased in Q1	Quarter-end bitcoin treasury	89.6