7 unchanged sentences
Although we continue to initially record our bitcoin purchases at cost, upon adoption of ASU 2023-08 on January 1, 2025, any subsequent increases or decreases in fair value are recognized as incurred in the Consolidated Statements of Operations, and the fair value of our bitcoin is reflected within the Consolidated Balance Sheets each reporting period-end.
−Removed: As of March 31, 2026, we held approximately 762,099 bitcoins with a carrying value of $51.65 billion on our Consolidated Balance Sheet.
−Removed: Bitcoin is a highly volatile asset that has traded below $65,000 per bitcoin and above $120,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding March 31, 2026.
+Added: As of June 30, 2026, we held approximately 846,000 bitcoins with a carrying value of $49.67 billion on our Consolidated Balance Sheet.
+Added: Bitcoin is a highly volatile asset that has traded below $60,000 per bitcoin and above $120,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding June 30, 2026.
A significant decrease in the price of bitcoin would have a material adverse effect on our earnings.
2 unchanged sentences
dollar, the currency in which we report our Consolidated Financial Statements.
−Removed: International revenues accounted for 44.3% and 42.9% of our total revenues for the three months ended March 31, 2026 and 2025, respectively.
+Added: International revenues accounted for 44.1% and 44.2% of our total revenues for the three and six months ended June 30, 2026, respectively and 43.0% and 42.9% for the three and six months ended June 30, 2025, respectively.
We anticipate that international revenues will continue to account for a significant portion of our total revenues.
6 unchanged sentences
Because we expect to convert U.S.
−Removed: dollar cash balances into Euros to make regular dividends and other payments on the STRE Stock, our ability to make such payments depends on prevailing currency exchange rates, which have historically been volatile.
+Added: dollar cash balances into Euros to make regular dividends and other payments on the
+Added: STRE Stock, our ability to make such payments depends on prevailing currency exchange rates, which have historically been volatile.
As a result of transacting in multiple currencies and reporting our Consolidated Financial Statements in U.S.
3 unchanged sentences
dollar-denominated cash and investment accounts.
−Removed: As of March 31, 2026 and December 31, 2025, a 10% adverse change in foreign currency exchange rates versus the U.S.
+Added: As of June 30, 2026 and December 31, 2025, a 10% adverse change in foreign currency exchange rates versus the U.S.
dollar would have decreased our aggregate reported cash and cash equivalents by less than 1%.
−Removed: As of March 31, 2026, a 10% unfavorable change in the euro-to-U.S.
+Added: As of June 30, 2026, a 10% unfavorable change in the euro-to-U.S.
dollar exchange rate would increase our U.S.
−Removed: dollar-equivalent dividend payment obligation on STRE Stock by approximately $2.2 million.
−Removed: If average exchange rates during the three months ended March 31, 2026 had changed unfavorably by 10%, our revenues for the three months ended March 31, 2026 would have decreased by 3.9%.
−Removed: During the three months ended March 31, 2026, our revenues were not significantly impacted by changes in weighted average exchange rates, as compared to the prior year.
+Added: dollar-equivalent dividend payment obligation on STRE Stock by approximately $2.2 million per quarterly dividend payment.
+Added: If average exchange rates during the six months ended June 30, 2026 had changed unfavorably by 10%, our revenues for the six months ended June 30, 2026 would have decreased by 4.7%.
+Added: During the six months ended June 30, 2026, our revenues were not significantly impacted by changes in weighted average exchange rates, as compared to the prior year.
Interest Rate Risk .
We are exposed to changes in interest rates primarily via our STRC Stock and assets held within our USD Reserve.
−Removed: Our STRC Stock accumulates cumulative dividends, which we refer to in this Item 3 Quantitative and Qualitative Disclosures About Market Risk as “regular dividends”, at a variable dividend rate, which was initially set at 9.00% per annum.
−Removed: However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods, subject to certain restrictions, including restrictions on the maximum reduction of the dividend rate and a requirement to declare a dividend equal to at least the monthly SOFR per annum rate .
−Removed: Our current intention (which is subject to change in our sole and absolute discretion) is to adjust the monthly regular dividend rate per annum in such manner as we believe is necessary with the objective, which may not be achieved, of STRC Stock trading at prices at or close to the stated amount of $100 per share.
−Removed: We have increased the regular monthly dividend rate per annum on STRC Stock from time to time, most recently to 11.50%.
−Removed: As of March 31, 2026, the regular monthly dividend rate per annum on STRC Stock was 11.50%, and if we determined to increase the regular dividend rate on our STRC Stock by 50 basis points, STRC Stock’s monthly dividend accrual would increase by approximately $2.1 million.
−Removed: We do not believe our interest rate risk exposure via STRC Stock is material as of March 31, 2026.
−Removed: As of March 31, 2026, we had cash and cash equivalents of approximately $2.21 billion.
−Removed: Integral to our cash and cash equivalents is our USD Reserve, which is primarily invested in money market funds to earn interest income on short-term cash balances.
+Added: Our STRC Stock accumulates cumulative dividends, which we refer to in this Item 3 Quantitative and Qualitative Disclosures About Market Risk as “regular dividends”, at a variable dividend rate, which is 12.00% per annum as of the date of this Quarterly Report.
+Added: However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods, subject to certain restrictions, including restrictions on the maximum reduction of the dividend rate and a floor that generally prevents us from changing the regular dividend rate to a new regular dividend rate that is below the monthly SOFR per annum rate in effect on the business day before we provide notice of the next regular dividend rate.
+Added: Regular dividends on our STRC St ock accrue and are payable in respect of semi-monthly regular dividend periods.
+Added: Although we may adjust the regular dividend rate per annum of STRC Stock to encourage trading of STRC Stock at prices within a range of approximately $99 to $100 per share, subsequent to June 30, 2026, we announced that management does not intend to recommend to our board of directors any changes to the dividend rate until STRC Stock trades at or close to its stated amount.
+Added: See "Liquidity and Capital Resources—Digital Credit Capital Framework" in Part I, Item 2 of this Quarterly Report.
+Added: Because the STRC dividend rate is discretionary and evaluated based on multiple factors, changes in market interest rates may not result in changes to the STRC dividend rate, and changes to the STRC dividend rate may be driven by factors other than market interest rates.
+Added: As of June 30, 2026, the regular dividend rate per annum on STRC Stock was 11.50%.
+Added: 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 with record dates on or after July 1, 2026.
+Added: If we determined to increase the regular dividend rate on our STRC Stock by 50 basis points, STRC Stock’s annual accrual would increase by approximately $52.4 million.
+Added: We do not believe our interest rate risk exposure via STRC Stock is material as of June 30, 2026.
+Added: As of June 30, 2026, we had cash, cash equivalents, and Treasury Bills and Treasury Notes with a maturity of less than one year of approximately $2.45 billion in the aggregate.
+Added: Integral to our cash, cash equivalents and short-term investments is our USD Reserve, which is primarily invested in money market funds and Treasury Bills and Treasury Notes to earn interest income on short-term cash balances.
Interest earned on such funds fluctuates with prevailing interest rates.
−Removed: As of March 31, 2026, the balance of our USD Reserve was $2.14 billion.
−Removed: Based on the foregoing, we do not believe that a hypothetical 50 basis point adverse change in interest rates would materially impact our results of operations as of March 31, 2026.
+Added: In June 2026, our board of directors adopted a formal USD Reserve policy as part of our Digital Credit Capital Framework, which requires us to maintain a minimum USD Reserve equal to at least 12 months of our then-current expected annual Preferred Stock dividend payments and interest obligations.
+Added: See "Liquidity and Capital Resources—Digital Credit Capital Framework" in Part I, Item 2 of this Quarterly Report.
+Added: As of June 30, 2026, the balance of our USD Reserve was $2.40 billion.
+Added: Based on the foregoing, we do not believe that a hypothetical 50 basis point adverse change in interest rates would materially impact our results of operations as of June 30, 2026.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.