Strategy, the company formerly known as MicroStrategy, is turning its Q3 2026 earnings call into something closer to a panel discussion. Three equity analysts who specialize in Bitcoin will join a live Q&A session when the company reports results.
The call is set for October 29, 2026, at 5:00 PM ET. The timing matters: Strategy recently shifted how it spends its money, and the analysts will likely want to talk about that.
The call and the cast
The analysts slated to participate come from Citi, Barclays and BTIG. That is a notable lineup for a company whose stock has long been treated as a proxy for Bitcoin itself.
The event will stream on Zoom, X and YouTube.
On the numbers side, analysts project approximately $128 million in software revenue for the quarter. That is the part of the business that still resembles the original MicroStrategy, the enterprise analytics company.
Earnings per share is a different story. EPS estimates vary widely because Strategy applies fair-value accounting to its Bitcoin holdings.
Put simply, fair-value accounting means the company marks its Bitcoin to the market price at the end of each reporting period. When the price moves, reported profit moves with it, regardless of whether a single coin was sold.
The Q3 period may show large unrealized gains tied to Bitcoin price appreciation. Gains like that could flow through to earnings in a way that makes the bottom line look dramatically different from the software business underneath it.
A pause in the buying spree
Strategy currently holds 848,517 BTC. The company bought those coins at an average cost of approximately $75,446 each, for a total investment of around $64.02 billion.
The more interesting development is what Strategy has stopped doing. The company paused Bitcoin purchases as of the week ending October 25, 2026.
Instead, it put money toward buying back its Digital Credit preferred stock, which trades under the ticker STRC. In a single week, Strategy spent $204.9 million on STRC buybacks.
The rebrand and the capital stack
The name change from MicroStrategy to Strategy came alongside a new emphasis on two categories of securities. The company now frames its offerings as Digital Equity and Digital Credit.
Digital Equity refers to the common stock side of the business. Digital Credit covers preferred instruments like STRC, which give investors a different risk and return profile than owning the common shares.
This structure is central to how Strategy has funded its Bitcoin position. Raising capital through different classes of securities lets the company tap investors with varying appetites for risk.
Buying back STRC flips that process in reverse. Rather than issuing securities to buy Bitcoin, the company is spending cash to retire some of what it previously sold.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.