Overview

• Strategy reported a $3.89 billion unrealized gain for Q3 and now holds 640,031 BTC at a $73,983 cost basis, with the stash valued near $78–80 billion at recent prices.
• The company paused its weekly Bitcoin purchases for the first time since late July as it made $140 million in dividend payments, consistent with prior quarter-end pauses.
• During Q3, Strategy raised about $5.09 billion via offerings, including a $2.47 billion STRC preferred-stock IPO, and acquired 42,706 BTC for roughly $4.95 billion.
• The quarter included a $1.12 billion deferred tax expense tied to fair-value gains and a $7.43 billion deferred tax liability as of Sept. 30 under updated crypto accounting.
• Interim Treasury and IRS guidance indicated unrealized crypto gains can be excluded from CAMT calculations, while Strategy continues to carry ~$8.2 billion in convertible notes and pays high-rate preferred dividends.