STRD — what changed in the latest 10-Q
A section-by-section comparison of STRD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-02 vs the prior 10-Q · 2026-08-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +135 | −129 | ~50 | 63 |
| Market risk (Item 3) | Text added/removed | +1 | −2 | ~7 | 5 |
| Controls & procedures | Text added/removed | +1 | −2 | ~1 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | Some risk factors updated | +48 | −42 | ~68 | 246 |
| Other information | Text added/removed | 0 | −6 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-02
As part of our capital management strategy, we maintain (i) a U.S. dollar reserve (the "USD Reserve") intended to support the payment of dividends on the Preferred Stock and interest expense on the Company's outstanding indebtedness and (ii) a separately designated pool of U.S. dollar liquidity ("US…
(c)In the third quarter of 2025, we purchased bitcoin using $209.5 million of the net proceeds from ATM issuances of STRF Stock, $153.1 million of the net proceeds from ATM issuances of STRK Stock, $48.5 million of the net proceeds from ATM issuances of STRD Stock, $2.07 billion of the net proceeds …
(e)In the second quarter of 2026, we purchased bitcoin using $5.46 billion of the net proceeds from ATM sales of STRC Stock, and $0.96 billion of the net proceeds from ATM sales of class A common stock.
(f)The proceeds from these sales were used to fund dividend payments on Preferred Stock.
(g)In the third quarter of 2026, we purchased bitcoin using $588.1 million of the net proceeds from ATM sales of class A common stock.
Text removed vs the prior filing · source: 10-Q · 2026-08-03
As part of our capital management strategy, we maintain a U.S. dollar reserve (the "USD Reserve") intended to support the payment of dividends on our Preferred Stock and interest expense on our outstanding indebtedness. In June 2026, our board of directors approved a formal policy governing the USD …
"Preferred Stock" refers to, collectively, our STRF Stock, STRC Stock, STRE Stock, STRK Stock and STRD Stock.
(c)In the first quarter of 2026, we purchased bitcoin using $2.06 billion of the net proceeds from ATM sales of STRC Stock, $3.3 million of the net proceeds from ATM sales of STRK Stock and $5.19 billion of the net proceeds from ATM sales of class A common stock.
(e)The proceeds from the sales were used to fund dividend payments on Preferred Stock.
(f)$75,578 presented in the Approximate Average Purchase or Sale Price Per Bitcoin column represents the average price we paid for the bitcoin we held as of June 30, 2026.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-02
As of September 30, 2026, the regular dividend rate per annum on STRC Stock was 12.0%. If we determined to increase the regular dividend rate on our STRC Stock by 50 basis points, STRC Stock’s aggregate annual dividend obligation would increase by approximately $45.3 million. We do not believe our i…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
STRE Stock, our ability to make such payments depends on prevailing currency exchange rates, which have historically been volatile.
As of June 30, 2026, the regular dividend rate per annum on STRC Stock was 11.50%. On June 29, 2026, in connection with our Digital Credit Capital Framework, we announced an increase of the regular dividend rate per annum on STRC Stock to 12.00%, effective for semi-monthly regular dividend periods w…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-02
Changes in Internal Controls. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our inte…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
procedures as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Controls. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal …
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-02
Changes in the fair value of our digital assets may cause significant volatility in our results of operations and adversely affect our profitability
Changes in the fair market value of our bitcoin holdings relative to their cost basis may result in the recognition or reversal of deferred tax assets or liabilities and the establishment or release of a valuation allowance. These deferred tax balances depend substantially on the price of bitcoin at…
As of September 30, 2026, we do not expect our enterprise analytics software business to generate sufficient cash flow from operations to satisfy our financial obligations or liquidity needs over the next twelve months. As of the date of this Quarterly Report, we have significant outstanding indebte…
We intend to satisfy our financial obligations and liquidity needs, including repayment of principal and payment of interest on our debt and cash dividends on our Preferred Stock, through one or more available sources of liquidity, including cash and cash equivalents and short-term investments we ho…
Our ability to obtain equity or debt financing generally may depend on, among other factors, the value of our bitcoin holdings, investor sentiment and the general public perception of bitcoin, our strategy and our value proposition. Additionally, our ability to use bitcoin as a source of liquidity t…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
We may not be able to regain profitability in future periods
As discussed in Part I Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as of June 30, 2026, the cost basis of our bitcoin holdings exceeded their fair market value. As a result, we reversed the deferred tax liability against unrealized gain on bitcoin h…
As of June 30, 2026, we do not expect our enterprise analytics software business to generate sufficient cash flow from operations to satisfy our financial obligations or liquidity needs over the next twelve months. As of the date of this Quarterly Report, we have significant outstanding indebtedness…
As part of our bitcoin strategy, we expect to issue additional preferred stock, and we expect to incur or continue to incur additional indebtedness and fixed charges.
We intend to satisfy our financial obligations and liquidity needs, including repayment of principal and payment of interest on our debt and cash dividends on our Preferred Stock, through one or more available sources of liquidity, including cash and cash equivalents we hold in the USD Reserve, proc…
Other information
Text removed vs the prior filing · source: 10-Q · 2026-08-03
In June 2026, upon the recommendation of the Nominating Committee of our board of directors, our board of directors increased the size of the Compensation Committee from two to three directors and appointed Gregg J. Winiarski to the Compensation Committee, effective immediately. Our board of directo…
On July 28, 2026, our board of directors approved the following board governance matters:
Reconstitution of the Nominating Committee as the Nominating and Corporate Governance Committee. Our board of directors amended and restated the charter of its Nominating Committee to expand the committee's purpose and responsibilities to include corporate governance matters and renamed the committe…
Compensation of the Nominating and Corporate Governance Committee. Upon the recommendation of the Compensation Committee, our board of directors approved compensation for service on the Nominating and Corporate Governance Committee of $20,000 per year for each member, with the Chairman of the Nomina…
Establishment of the Capital Management Committee. Our board of directors established a new standing Capital Management Committee and appointed Michael J. Saylor, Stephen X. Graham and Carl J. Rickertsen as its members. In
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice