BTCPERSHARE RESEARCH

Research archive.

Every BTCperShare guide, analysis and filing review, ordered by publication date.

September 2026

Strategy September 21 filing analysis: 950 BTC purchased while STRC repurchases continued.

FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought 950 BTC. BTC/Share Rose 0.11% While STRC Buybacks Continued.

Strategy bought 950 BTC with USD Cash, sold no ATM shares, and still spent $174 million repurchasing STRC. ADSO BTC/share increased approximately 0.11%.

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Strive September 21 filing analysis: 1,355 BTC acquired and BTC per share increased 3.2%.

FILING ANALYSIS · STRIVE (ASST)Strive Added 1,355 BTC. BTC/Share Increased 3.2% as Warrants Began Exercising.

Strive added 1,355 BTC while effective common shares rose 2.1%. BTC/share still increased 3.2% as warrant exercises joined SATA in the financing mix.

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GUIDE · PREFERRED INCOMEHow Much Dividend Income Can STRC and SATA Generate?

How purchase price, share count, and dividend assumptions change estimated cash income and yield on cost for STRC, SATA, and combined preferred positions.

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GUIDE · BITCOIN TREASURY STOCKSWhy Buy a Bitcoin Treasury Stock Instead of Bitcoin?

Comparing direct Bitcoin, spot ETFs, and treasury companies—and how Bitcoin-per-share growth changes the equation.

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ANALYSIS · STRIVE (ASST / ASSX)ASSX ETF: What 2X Daily Exposure Means for Strive Investors

ASSX brings 2X daily exposure to Strive stock. How it works, what MSTU’s experience reveals, and what the launch means for ASST shareholders.

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ANALYSIS · STRATEGY (MSTR / STRC)SEC Opens the Door to 24/7 Tokenized MSTR and STRC Trading in the U.S.

The SEC’s Innovation Exemption opens a path toward 24/7 tokenized MSTR and STRC trading in the U.S. What it could mean for Strategy and BTC/share.

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Strategy repurchased $139 million of STRC

FILING ANALYSIS · STRATEGY (MSTR)Strategy Spent Another $139 Million Buying Back STRC. BTC/Share Stayed Essentially Flat.

Strategy repurchased 1.42 million STRC shares for $139.3 million while holding 845,050 BTC. The buybacks reduced preferred claims and annualized dividends without directly increasing BTC/share.

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Strive added 469 BTC; Bitcoin per share increased 1.9%.

FILING ANALYSIS · STRIVE (ASST)Strive Added 469 BTC. BTC/Share Increased 1.9%.

Strive reached 25,000 BTC as SATA crossed $1 billion in notional outstanding. Bitcoin grew approximately 1.9%, while effective common shares rose just 0.04%.

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MSTR Stock Token growth on Robinhood Chain

ANALYSIS · STRATEGY (MSTR)MSTR Is Growing Fast on Robinhood Chain — Here’s Why It Matters

Robinhood’s Stock Token market is growing quickly, and MSTR token supply is growing with it. Why 1:1 share backing could eventually matter for mNAV and BTC/share.

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GUIDE · VALUATIONWhat Is mNAV? Understanding Bitcoin Treasury Valuation Multiples

How gross and net mNAV differ—and why the formula, share count and capital structure all matter when valuing a Bitcoin treasury company.

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ANALYSIS · STRATEGY (MSTR)Strategy’s S&P B− Upgrade Path: More Cash, Less Net Debt, Still S&P’s Call

More cash, less convertible debt and continued capital access strengthen the upgrade case. What does it mean for BTC/share?

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Strategy filing analysis: $176 million of STRC repurchases

FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought No Bitcoin. It Spent $176M Buying Back STRC Instead.

Why Strategy chose to retire STRC rather than add Bitcoin—and what the capital allocation decision means for BTC/share.

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How Preferred Stock Can Finance Bitcoin Purchases guide feature graphic

GUIDE · PREFERRED FINANCINGHow Preferred Stock Can Finance Bitcoin Purchases

How preferred equity can fund Bitcoin acquisition without immediate common dilution—and how amplification, dividend obligations and repurchases change the equation.

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What Is Bitcoin Per Share? guide feature graphic

GUIDE · BITCOIN PER SHAREWhat Is Bitcoin Per Share?

Why total Bitcoin holdings only tell half the story—and how to measure accretion, dilution, BTC Yield and valuation through the shareholder.

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FILING ANALYSIS · STRIVE (ASST)Strive Added 1,375 BTC. BTC/Share Increased 4.1%.

Strive increased its Bitcoin holdings to 24,531 BTC while its effective common share count also increased. Bitcoin grew faster than the denominator.

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