Bitcoin: Strategy estimates a $20.91 billion gain in Q3
Strategy estimates a $20.91 billion gain on its digital assets in the third quarter of 2026, according to its October 5 SEC filing. This gain is an accounting figure, not cash received: it reflects the revaluation of its 847,666 bitcoins, valued at $70.82 billion as of September 30, with an acquisition cost of $63.95 billion. It follows a loss of $8.32 billion in the second quarter, but the nine-month balance remains negative by approximately $1.86 billion, according to Cointribune’s calculation. Final third-quarter results have yet to be published.
847,666 bitcoins held as of September 30, with an average cost of $75,437 (October 5 SEC filing).
Balance-sheet value: $70.82 billion, or $6.87 billion above the purchase price (Cointribune calculation).
334 bitcoins purchased from October 1 to 4 for $28.7 million, at an average price of $85,839 (same filing).
This is 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 management’s estimate. This change is primarily related to the revaluation of its bitcoin reserve, driven by the increase in BTC’s price.
According to the second-quarter 10-Q and the October 5 filing, the value of the bitcoins recorded on the balance sheet rose from $49.67 billion as of June 30 to $70.82 billion as of September 30. Based on these figures, our calculation shows that the book value of Strategy’s Bitcoin reserve increased by approximately 42% during the period, despite only a limited increase in the number of bitcoins held. This means the gain comes from a revaluation, not cash income.
$BTC
$STRAX
$GANX.US
#strategy
Strategy estimates a $20.91 billion gain on its digital assets in the third quarter of 2026, according to its October 5 SEC filing. This gain is an accounting figure, not cash received: it reflects the revaluation of its 847,666 bitcoins, valued at $70.82 billion as of September 30, with an acquisition cost of $63.95 billion. It follows a loss of $8.32 billion in the second quarter, but the nine-month balance remains negative by approximately $1.86 billion, according to Cointribune’s calculation. Final third-quarter results have yet to be published.
847,666 bitcoins held as of September 30, with an average cost of $75,437 (October 5 SEC filing).
Balance-sheet value: $70.82 billion, or $6.87 billion above the purchase price (Cointribune calculation).
334 bitcoins purchased from October 1 to 4 for $28.7 million, at an average price of $85,839 (same filing).
This is 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 management’s estimate. This change is primarily related to the revaluation of its bitcoin reserve, driven by the increase in BTC’s price.
According to the second-quarter 10-Q and the October 5 filing, the value of the bitcoins recorded on the balance sheet rose from $49.67 billion as of June 30 to $70.82 billion as of September 30. Based on these figures, our calculation shows that the book value of Strategy’s Bitcoin reserve increased by approximately 42% during the period, despite only a limited increase in the number of bitcoins held. This means the gain comes from a revaluation, not cash income.
$BTC
$STRAX
$GANX.US
#strategy
