Strategy Inc. updates the terms for its at-the-market offering of up to $21,000,000,000 of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC Stock). A stockholder-approved amendment effective November 1, 2026 changes the timing for declared regular dividends from twice monthly to each scheduled business day. The first payment date under the amendment is November 3, 2026; November 2 is not a payment date. Record dates occur every calendar day beginning November 1, including weekends and holidays.
The initial monthly dividend rate for November 2026 is 12.00% per annum, applied to the stock’s $100 stated amount per share. Dividends accumulate whether or not declared, but are payable only when declared by the board from funds legally available for payment. Strategy Inc. may set different rates for later months, subject to notice and contractual limits. The company expects to fund cash dividends primarily through additional at-the-market offerings of class A common stock, and may also use its U.S. dollar reserve or other capital-raising activities. The optional redemption price is $101 per share, plus accumulated and unpaid dividends.
Strategy Inc. amended the dividend terms governing its at-the-market offering of up to $1,659,967,526.88 of 10.00% Series A Perpetual Strife Preferred Stock (STRF). The stockholder-approved certificate becomes effective January 1, 2027. STRF accumulates dividends at 10.00% annually on its $100 stated amount per share, whether or not declared or funds are legally available; dividends are payable only when declared and from legally available funds. Through December 31, 2026, declared regular dividends remain payable quarterly. Beginning January 1, 2027, they are payable solely in cash and generally each business day; the first payment date is January 4, 2027.
When dividends due on a quarter-end payment date remain unpaid, compounded dividends initially accrue at 11.00% per year, increasing 100 basis points per calendar quarter after the first accrual quarter, up to 18.00%. Failure to declare the full accumulated amount by the last regular record date of a quarter triggers a deferral process: Strategy will use commercially reasonable efforts over 45 days to sell Class A common stock or other securities to raise proceeds sufficient to cover unpaid amounts. Subject to the deferral provisions, if dividends are not fully declared and paid for four or eight consecutive calendar quarters, STRF holders have a right to elect one preferred-stock director at each threshold.
Strategy Inc's supplement relates to an at-the-market offering of up to $2,100,000,000 of 8.00% Series A Perpetual Strike Preferred Stock (STRK Stock). Stockholders approved the amended certificate at the October 28, 2026 special meeting; it becomes effective January 1, 2027 at 12:01 a.m. Eastern time.
The 8.00% annual dividend rate applies to the $100 stated amount per share. Quarterly payments continue through December 31, 2026. Beginning January 1, 2027, declared dividends are generally payable each business day; the first payment date is January 4, 2027, or another date specified in the applicable share certificate. Dividends are payable when, as and if declared, and Strategy may elect cash, class A common shares or a combination. If paid in shares, they are valued at 95% of class A common stock's daily VWAP on the third VWAP trading day before payment, subject to a share limit using the initial $119.03-per-share floor price, which is subject to adjustment. Unpaid dividends may accumulate compounded dividends quarterly. The certificate does not require Strategy to declare or pay dividends, even when funds are legally available.
Strategy Inc's supplement describes an at-the-market offering of up to $4,133,799,112.67 of its 10.00% Series A Perpetual Stride Preferred Stock and amends its dividend terms. The annual dividend rate remains 10.00% on a stated amount of $100 per share, and dividends remain discretionary and non-cumulative.
Stockholders approved the amendment, and the amended certificate becomes effective January 1, 2027. Dividends continue quarterly through December 31, 2026; beginning in 2027, declared dividends are payable on scheduled business-day payment dates, with the first date on January 4, 2027. Record dates will be every calendar day, including weekends and holidays. Redemption and fundamental-change repurchase prices are revised to account for declared, unpaid dividends; undeclared dividends are excluded.
Strategy Inc. and The Benchmark Company, LLC terminated the Omnibus Sales Agreement solely as to Benchmark’s rights and obligations, effective November 1, 2026. The other agents’ rights and obligations are unaffected, including those of StoneX Financial Inc., an affiliate of Benchmark that remains an agent. References to “Agent,” “Agents” and “Selling Agent” exclude Benchmark and its broker-dealer affiliates.
Strategy Inc (MSTR) reported that its at-the-market program sold 1,178,552 Class A common shares from October 26 to November 1, 2026, generating $164.0 million in net proceeds. Of that amount, $65.5 million funded bitcoin purchases and $98.5 million was allocated to USD Cash. Strategy bought 811 bitcoin for $65.5 million, at an average purchase price of $80,846 per bitcoin. Its aggregate holdings were 849,327 bitcoin, with an aggregate purchase price of $64.08 billion and an average purchase price of $75,451.
Strategy also repurchased 2,092,035 STRC preferred shares for $208.2 million, using USD Cash. It used $43.4 million from the USD Reserve to pay preferred-stock dividends. As of November 1, 2026, the USD Reserve was $4.79 billion and USD Cash was $132.7 million. The company reported $748.6 million remaining under its digital credit securities repurchase program and $1.0 billion under its MSTR stock repurchase program. The MSTR ATM had $18,621.4 million available for issuance and sale as of November 1, 2026.
Strategy Inc filed amended certificates for its STRF, STRC, STRK and STRD preferred-stock series. Stockholders approved the amendments on October 28, 2026. The STRC certificate becomes effective November 1, 2026, and the STRF, STRK and STRD certificates become effective January 1, 2027.
The amendments set a dividend record date on each calendar day, with payment on the following Business Day if declared. They do not change the series’ regular dividend rates, total regular dividends payable or the company’s overall dividend payment obligations. Upon the STRC certificate’s effectiveness, November daily dividends will be payable under their terms, and the November 15 dividend will not be payable.
Strategy Inc (MSTR) reported third-quarter 2026 operating income of $20.91 billion and net income of $19.53 billion, or diluted EPS of $44.75, versus $3.89 billion, $2.79 billion and $8.42, respectively, a year earlier. Operating income included a $20.91 billion gain on digital assets. Revenue was $125.4 million, down 3%; gross profit was $89.6 million versus $90.7 million.
As of September 30, 2026, digital assets were $70.82 billion. As of October 25, 2026, Strategy held approximately 848,517 bitcoin and had repurchased 20,980,508 STRC shares for approximately $2.04 billion at an average $97.39 per share; approximately $956.7 million remained under the $3.0 billion authorization. Q3 MSTR at-the-market sales generated approximately $5.41 billion in net proceeds.
Andrew Kang will step down as Executive Vice President and CFO effective November 5, 2026, and remain in an advisory capacity through December 31, 2026. Phong Le, President and CEO, will serve as principal financial officer from November 6 through December 31, 2026; Reza Virasteh, currently Executive Vice President of Operations, will become CFO and co-principal financial officer effective January 1, 2027. After shareholder approval on October 28, 2026, daily dividends begin November 1, 2026 for STRC and January 1, 2027 for STRF, STRK and STRD.
Strategy Inc (MSTR) said preliminary voting results show the requisite common-stock vote was obtained to approve amended certificates for STRF, STRC, STRK and STRD, permitting daily dividends. The schedules are subject to filing and effectiveness: STRC is set to begin November 1, 2026, and STRF, STRK and STRD on January 1, 2027. Dividend record dates would fall on every calendar day, including weekends and market and bank holidays.
For shares cleared through DTC, weekend or DTC-holiday record dates are treated as the preceding non-holiday day; Nasdaq generally sets the ex-dividend date on a trading day or the preceding business day. In the stated November 6–8, 2026 example, three dividends would share a November 6 record and ex-dividend date and be paid November 9. Strategy expects a Friday, November 6 buyer would not receive those dividends, while a seller that day would still receive them. Treatment may differ on other venues or under individual broker policies.
Strategy Inc repurchased 2,068,459 shares of STRC for $204.9 million from October 19, 2026 to October 25, 2026, using USD Cash. During the same period, it did not sell shares under its at-the-market offering program and did not purchase or sell bitcoin.
As of October 25, 2026, Strategy held approximately 848,517 bitcoin, acquired at an aggregate purchase price of $64.02 billion and an average purchase price of approximately $75,446 per bitcoin, inclusive of fees and expenses. Its USD Reserve was $4.83 billion and USD Cash was $242.4 million.
Strategy said $956.8 million of aggregate purchase price remained available under its digital credit securities repurchase program, and $1.0 billion remained available under its MSTR Stock repurchase program.