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Strategy’s 848,517 Bitcoin Empire — Can Its Treasury Strategy Keep Delivering?

Strategy Inc. reported a strong third quarter of 2026 marked by significant growth in both Bitcoin holdings and financial performance. The company holds approximately 848,517 Bitcoin, up considerably from 38,000 Bitcoin in Q3 2020, positioning it as the largest institutional Bitcoin holder globally. The quarter saw a $21 billion fair value gain on its Bitcoin assets, driven by a price increase from roughly $58,700 to $83,600, contributing to record operating income of $20.9 billion and net income of $19.1 billion. Diluted earnings per share stood at $44.75, both highest quarterly figures in company history. Market capitalization increased 76% quarter-over-quarter to $62 billion. Strategy Inc. raised $5.4 billion of capital in Q3, adding to a $21.2 billion total year-to-date, reflecting continued capital market access despite Bitcoin’s volatile market cycles. Treasury assets expanded from $54 billion at the end of Q1 2026 to $74 billion by the end of Q3.