Strategy Estimates $20.9 Billion Digital Asset Gain, $4.12 Billion Tax Benefit in Q3

Strategy Inc. estimated a $20.9 billion gain on its digital assets for the third quarter of 2026, reflecting the impact of bitcoin’s value on the company’s financial results as it continues to expand its cryptocurrency holdings and manage its capital structure around its bitcoin treasury strategy.

The company also estimated an income tax benefit of approximately $4.12 billion for the quarter ended Sept. 30, according to a regulatory filing.

The tax benefit resulted from the reversal of a deferred tax asset that Strategy had recorded as of June 30. Because the fair value of its bitcoin holdings subsequently exceeded their cost basis, the company reversed the $4.12 billion deferred tax asset.

That accounting change reduced Strategy’s estimated deferred tax expense to approximately $1.88 billion from roughly $6 billion.

The quarterly figures underscore how Strategy’s financial performance has become increasingly tied to changes in the value of bitcoin. The company, formerly known primarily for its enterprise software business, has evolved into a bitcoin treasury vehicle that uses a combination of equity issuance, preferred securities and cash to accumulate digital assets.

Strategy continued adding bitcoin after the end of the quarter.