Strategy, the company formerly known as MicroStrategy, is restructuring its third-quarter 2026 earnings call into a panel-style discussion, inviting three Bitcoin-focused equity analysts to join a live question-and-answer session.

The call is scheduled for October 29, 2026, at 5:00 PM ET and will stream on Zoom, X and YouTube. The timing is notable: Strategy has recently shifted how it deploys its capital, a change likely to feature in the analyst questioning.

The Call and the Lineup

The participating analysts come from Citi, Barclays and BTIG — a prominent lineup for a company whose stock has long been treated as a proxy for Bitcoin itself. Corporate earnings calls typically treat analyst questions as a postscript to management's prepared remarks; this arrangement moves that questioning to the center of the broadcast.

On the financial side, analysts project approximately $128 million in software revenue for the quarter. That is the segment of the business that still resembles the original MicroStrategy, the enterprise analytics company.

Earnings per share is a more complicated matter. EPS estimates vary widely because Strategy applies fair-value accounting to its Bitcoin holdings. Under this method, the company marks its Bitcoin to the market price at the end of each reporting period. When the price of Bitcoin moves, reported profit moves with it, regardless of whether a single coin was sold. In practice, that means each estimate rests on an assumption about where Bitcoin trades on the final day of the quarter.

The Q3 period may therefore show large unrealized gains tied to Bitcoin price appreciation. Gains of that kind 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 acquired those coins at an average cost of approximately $75,446 each, for a total investment of around $64.02 billion. The scale explains the accounting sensitivity: with more than 848,000 coins on the balance sheet, each $10,000 move in Bitcoin's price translates into roughly $8.5 billion of unrealized value.

The more significant development may be what Strategy has stopped doing. The company paused Bitcoin purchases as of the week ending October 25, 2026. Instead, it directed funds 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 outlay is modest beside the $64.02 billion treasury, but the direction of the spending is what stands out.

The Rebrand and the Capital Structure

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 such as 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 allows the company to 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 now spending cash to retire some of what it previously sold. How management explains that reversal — and whether the pause extends beyond the week ending October 25 — is the kind of question a live panel format is positioned to put to the company directly.