STRD Strategy Inc
Price Chart
Executive Summary
Strategy Inc reported Q1 2026 revenue of $124.3M (+11.9% YoY), but posted a GAAP net loss of $12.54B ($38.25/share) driven by a $14.46B unrealized loss on its bitcoin holdings. The company raised $7.37B in Q1 via ATM offerings, grew bitcoin holdings 22% YTD to 818,334 BTC, and achieved a 9.4% BTC Yield. The massive unrealized loss from bitcoin's price decline overshadows the software revenue growth and capital-raising success.
Key Financial Metrics
Actionable Insight
The stock will trade on bitcoin's price direction, not on software earnings. The $14.46B unrealized loss reflects bitcoin's decline from ~$93K at Dec 31, 2025 to ~$68K at Mar 31, 2026. Monitor bitcoin price recovery and continued STRC demand as the primary catalysts. The $2.21B cash reserve provides ~2.5 years of dividend coverage, reducing near-term distress risk.
Key Facts
- Q1 2026 total revenue $124.3M, +11.9% YoY from $111.1M
- GAAP net loss $12.54B ($38.25/share diluted) vs $4.22B ($16.49/share) YoY
- Unrealized loss on digital assets $14.46B in Q1 2026 vs $5.91B in Q1 2025
- Bitcoin holdings grew 22% YTD to 818,334 BTC as of May 3, 2026
- Raised $7.37B in Q1 2026 via ATM offerings ($5.30B MSTR, $2.07B STRC)
- BTC Yield of 9.4% achieved YTD 2026
- Cash and cash equivalents $2.21B as of March 31, 2026, down from $2.30B at Dec 31, 2025
- Subscription services revenue $58.9M, +58.7% YoY
- Gross margin 67.1% vs 69.4% in Q1 2025
- Preferred stock dividends $229.5M in Q1 2026 vs $10.6M in Q1 2025
Financial Impact
Net loss of $12.54B driven by $14.46B unrealized loss on bitcoin; revenue grew $13.2M YoY to $124.3M
Risk Factors
- Further bitcoin price decline would amplify unrealized losses and potentially trigger margin calls on debt covenants
- Massive ongoing dilution from ATM programs (333.9M diluted shares, +30% YoY)
- Preferred dividend obligations growing rapidly ($229.5M in Q1 2026, up from $10.6M YoY)
- Software business remains small relative to bitcoin exposure ($124.3M quarterly revenue vs $51.6B digital assets)
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001050446-26-000024 |
| Document: mstr-20260505.htm | 0001050446-26-000024 |
| Document: 0001050446-26-000024-index-headers.html | 0001050446-26-000024 |
| Document: 0001050446-26-000024-index.html | 0001050446-26-000024 |
| Document: 0001050446-26-000024.txt | 0001050446-26-000024 |
| 8-K Data (Synthetic) | 0001050446-26-000024 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
|
8-K
| $69.68 awaiting T+1 | awaiting T+1 | — | $68.65 (−1.48%) |
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Jun 8, 2026
1d ago
|
8-K / DEFA14A
| $67.70 awaiting T+1 | awaiting T+1 | — | $68.65 (+1.40%) |
|
Jun 3, 2026
6d ago
|
DEFA14A
| $70.00 $67.70 | ▼ −3.29% | ▼ −0.69% | $68.65 (−1.93%) |
|
Jun 2, 2026
7d ago
|
DEFA14A
| $69.19 $70.00 | ▲ +1.17% | ▲ +0.77% | $68.65 (−0.78%) |
|
Jun 1, 2026
8d ago
|
DEFA14A
| $69.94 $69.19 | ▼ −1.07% | ▼ −0.34% | $68.65 (−1.84%) |
|
Jun 1, 2026
8d ago
|
8-K
| $70.87 $69.94 | ▼ −1.32% | ▼ −1.46% | $68.65 (−3.13%) |
|
May 29, 2026
11d ago
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DEFA14A
| $70.87 $69.94 | ▼ −1.32% | ▼ −1.46% | $68.65 (−3.13%) |
|
May 28, 2026
12d ago
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DEFA14A
| $70.11 $70.87 | ▲ +1.08% | ▲ +0.83% | $68.65 (−2.08%) |
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May 27, 2026
13d ago
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DEFA14A
| $72.60 $70.11 | ▼ −3.43% | ▼ −3.67% | $68.65 (−5.44%) |
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May 26, 2026
14d ago
|
DEFA14A
| $73.52 $72.60 | ▼ −1.25% | ▼ −1.80% | $68.65 (−6.62%) |
US Market Status
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