The largest corporate bitcoin holder closed the third quarter with 848,517 BTC on its balance sheet as of Oct. 25, up 26% since the start of the year. The rising value of that stack produced a $20.91B gain and record operating income.

Net income reached $19.53B, up from $2.79B a year earlier, while revenue from the legacy software business fell 3% to $125.4M.

Holders of the STRC, STRF, STRK and STRD preferred shares approved switching dividends to daily accrual, with 99.3% of votes cast in favor. STRC moves first with a Nov. 1 record date, the other three follow on Jan. 1, and after that every calendar day becomes a record date.

Strategy also said STRC was stabilized through $2.04B of repurchases, and CFO Andrew Kang will step down on Nov. 5, with COO Reza Virasteh taking the role in January 2027. MSTR shares fell about 3.5% in after-hours trading.