Lite Strategy (Nasdaq: LITS) ended September with 751,798 LTC, down from 832,716 at the end of June. Over the same quarter, the reported dollar value of those assets, including LTC pledged for options, rose from $34.9 million to $50.5 million. ’s price rose about 60% during the quarter, according to the company. The figures are from its fiscal 2027 first quarter, which ended September 30, 2026. Lite Strategy released its results on November 10 after filing the 10-Q on November 5. Earnings release and SEC filing record.
How the buybacks changed LTC per share
The company repurchased 2,214,503 common shares during the quarter at an average of $1.08 before excise taxes. In the 10-Q, management says it used about $1.4 million of covered-call proceeds and $1.0 million from sales of digital assets to fund the repurchases. The outstanding share count fell 6.8%, while the total reported LTC balance fell 9.7%. That left about 3.1% less gross LTC per outstanding common share. Form 10-Q, balance sheets, Note 4 and liquidity discussion.
| Measure | June 30, 2026 | September 30, 2026 | Change |
|---|---|---|---|
| Total reported LTC, including pledged LTC | 832,716 | 751,798 | −9.7% |
| Reported fair value of the LTC and LTC receivables | $34.899 million | $50.529 million | +44.8% |
| Common shares outstanding, rounded | 32.407 million | 30.192 million | −6.8% |
| Gross LTC per outstanding common share | 0.02570 | 0.02490 | −3.1% |
| LTC outside the collateral receivable | 650,716 | 687,098 | +5.6% |
| LTC outside the collateral receivable per common share | 0.02008 | 0.02276 | +13.3% |
Each per-share figure divides the relevant LTC balance by the common shares outstanding on the same date, using the share counts that the balance sheet reports in thousands. The calculation excludes potential shares from warrants. The 10-Q cover gives a later share count dated October 30. For a comparable September ratio, pair the September coin balance with the September share count. Form 10-Q, cover page, balance sheets and Note 12.
Why the pledged balance matters
LTC pledged to GSR Markets fell from 182,000 to 64,700, or from 21.9% to 8.6% of reported LTC. The filing records those coins as a receivable because title transferred to GSR Markets. Lite Strategy has a contractual right to receive an equivalent quantity if the covered calls expire unexercised. At quarter-end, the company reported more LTC outside the receivable, both in total and per outstanding share. The two per-share figures tell you how the total LTC position changed and how much of it was outside the options collateral. Form 10-Q, accounting policies and Note 4.
Lite Strategy reported $16.0 million of net income and used $2.2 million of cash in operating activities. The earnings figure included a large gain from revaluing its Litecoin holdings. For the quarter’s cash movements, the cash-flow statement shows the proceeds from sales and options alongside LTC purchases and share repurchases. Form 10-Q, cash-flow statement and management discussion.
Sources checked November 13, 2026. Research and drafting used AI assistance. The cover is a conceptual illustration.
